FINANCE

Stein Mart profit slides in Q2

BY Katherine Boccaccio

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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STORE SPACES

Callison to be acquired by Dutch design giant

BY Katherine Boccaccio

Seattle — Seattle-based architecture and design firm Callison said it will be acquired by Arcadis, a global design consultancy firm based in the Netherlands.

The transaction is slated to be completed in the third quarter of 2014. Arcadis also owns architectural design firm RTKL, built asset consultancy firm EC Harris, and Asian construction program planning and value management consultancy Langdon & Seah.

"We are excited to participate in the creation of a next generation global leader in high level design and architecture," said Callison chairman and CEO John Jastrem. "This move will broaden our capabilities, add global reach and benefit our valued clients and employees through additional service offerings."

Callison has 11 offices on three continents. The company will join Arcadis, which employs 22,000 workers operating in more than 300 offices throughout the world.

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REAL ESTATE

Five Below to open its first Brooklyn store

BY Marianne Wilson

Philadelphia — Extreme-value retailer Five Below will open its first Brooklyn location on Aug. 29, at the Gateway Center.

The 7,500-sq.-ft. store location will feature the company’s signature format, with all merchandise priced at $5 and below and grouped into one of eight store departments: Style, Room, Sports, Tech, Crafts, Party, Candy and Now.

Five Below plans to open additional stores in Brooklyn in the next few years.

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