Jacksonville, Fla. -- Stein Mart reported Monday that it has restated its 2011 periods and first quarter 2012 results, released its full-year 2012 financial numbers, and said it will unveil several key initiatives in 2013.
For the fourth quarter, net income was $13.5 million, compared to $5.9 million last year. Sales surged 11.4% to $368.6 million from $331 million, and same-store sales increased 6% in the quarter.
For the full year ended Feb. 2, net income rose to $25 million from $19.9 million in the year-ago period. Sales rose 4.6% for the year to $1.23 billion from $1.18 billion, and same-store sales increased 2.7%.
The company reported that it plans to open four stores, close three and relocate four in 2013. Capital expenditures for 2013 are projected as $34 million, including $14 million for continuing information system upgrades, $5 million for distribution center equipment and software, and the remainder for new and relocated stores, store remodels and new fixtures.
A key initiative in 2013 will be the launch of Stein Mart’s e-commerce business in mid to late 2013 with a representative merchandise selection. The company will also transition its supply chain distribution centers from third-party to company-operated locations beginning in the second quarter.