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.”
Men’s Wearhouse narrows loss in Q4
Houston — The Men’s Wearhouse reported Wednesday a loss of $14.1 million for the quarter ended Jan. 29, narrowed from a loss of $18.8 million in the year-ago period.
The retailer, which sells suits and rents tuxedos, offered a 2011 forecast of adjusted profit that would beat Wall Street projections.
Revenue increased 18.6% to $542.1 million. Same-store sales rose 4.3% on strong tuxedo-rental revenue.
Stein Mart delivers 4Q profits, but sales slide
JACKSONVILLE, Fla. — Stein Mart announced that net incomefor the fourth quarter was $18.8 million or 42 cents per diluted share compared with net income of $2.7 million or 6 cents per diluted share in 2009. Excluding the impact of a favorably tax benefit, fourth-quarter net income increased to $14.6 million or 32 cents per diluted share compared with $8.7 million or 19 cents per diluted share in 2009.
For the year, net income was $48.8 million or $1.08 per diluted share compared to net income of $23.6 million or 54 cents per diluted share in 2009.
“We are pleased to have delivered strong fourth-quarter and full-year profitability,” said David H. Stovall, Jr., president and chief executive officer of Stein Mart. “The higher operating income and operating margins for the quarter and year reflect the benefits of our streamlined cost structure and enhanced inventory management. I would like to thank our associates for their continuing dedication to serving our customers and their contribution to achieving these results.”
Sales for the fourth quarter were $336.7 million, a decrease of 1.5% from $341.8 million in 2009. Comparable-store sales decreased 1.2% for the fourth quarter 2010. For the year, sales were $1.2 billion, a decrease of 3.1% from $1.21 billion in 2009. Comparable-store sales decreased 1.8% for the fiscal year 2010.
Stein Mart said it plans to open three to five stores, close three to five stores and relocate approximately five stores to better locations in their respective markets in 2011.