Stein Mart Q2 profit jumps 48% on same-store sales
Jacksonville, Fla. — Stein Mart Inc. reported that its second-quarter net income increased 48%, helped by higher same-store sales. The retailer also announced that the SEC is conducting an investigation related to Stein Mart’s restatement of prior years’ financial statements and its change in its auditors.
For the quarter ended Aug. 3, Stein Mart earned $3.4 million up from $2.3 million in the same quarter of 2012.
Revenue increased 4%, to $291 million from $280.4 million. Same-store sales rose 6.4%.
Analysts, on average, expected a profit of 8 cents per share on $295.5 million in revenue, according to FactSet.
Dollar Tree Q2 profit up 4.6%
Chesapeake, Va. — Dollar Tree Inc. reported that its fiscal second-quarter earnings rose 4.6% to $124.7 million on higher customer traffic and average ticket prices. The company raised the lower end of its sales and earnings forecasts for fiscal 2013
Bob Sasser, CEO of Dollar Tree said: “Sales, customer traffic, average ticket, earnings and operating margin all continue to grow. Customers are responding in record numbers to our outstanding values in both discretionary and consumable merchandise categories. Our stores are well-stocked with a terrific merchandise presentation for back-to-school and the fall selling season.”
For the quarter ended Aug. 3, Dollar Tree’s sales rose 8.8% to $1.85 billion. Same-store sales rose 3.7%.
During the quarter, Dollar Tree opened 81 stores, expanded or relocated 32 stores, and closed two stores. Retail selling square footage increased 7.0% compared to a year ago, to 41.9 million sq. ft.
Jo-Ann Stores names senior VP store operations
Hudson, Ohio — Jo-Ann Fabric and Craft Stores named Tom Williams as senior VP of store operations and human resources. He replaces Ken Haverkost, who is retiring effective Aug.31.
In addition to retaining his current responsibilities overseeing all corporate human resources functions for Jo-Ann, Williams will assume responsibility for leading the store operations organization, covering more than 18,000 employees and more than 800 stores. He will continue to serve as chairman of the company’s benefits advisory committee
Williams joined the company in 1998. Williams. Most recently, Williams served as senior VP human resources.