Stein Mart profit slides in Q2

Jacksonville, Fla. -- Stein Mart Inc. reported net income of $1.7 million for the second quarter, reduced from $3.4 million last year on higher healthcare costs.

Total sales increased 2.5% to $298.2 million, while same-store sales increased 1.3%, the retailer’s ninth consecutive quarter of comparable store sales gains.

"Despite a challenging first half of the year with weather impacting sales, we have a number of important initiatives in place," said Jay Stein, CEO. "Key among these is our growth focus, as we open more new and relocated stores this fall and continue to build our ecommerce business. These and our other strategies play a very important role in our long-term business development."

The retailer said it expects to open six new stores, relocate four and close one during the second half of the year.

 

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