Stein Mart profit surges in Q4, sales dip

Jacksonville, Fla. -- Stein Mart reported Thursday that fourth quarter profit surged to $18.8 million from $2.7 million in the year-ago period. Results included an income tax benefit in fourth quarter 2010.

Revenue for the quarter ended Jan. 29 decreased 1.5% to $336.7 million, compared with $341.8 a year earlier. Same-store sales dipped 1.2%.

For the full year, Stein Mart reported net income of $48.8 million, up from $23.6 million in 2009. Sales for the year dropped 3.1% to $1.18 billion. Same-store sales decreased 1.8% for the fiscal year 2010.

Stein Mart president and CEO David H. Stovall Jr. attributed the net income strength to “streamlined cost structure and enhanced inventory management.”

Recommended stories

Login or Register to post a comment.