FINANCE

Stein Mart restates results, to debut e-commerce this year

BY Katherine Boccaccio

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.

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FINANCE

Orchard Supply loss widens in Q4

BY Katherine Boccaccio

San Jose, Calif. — Orchard Supply Hardware Stores Corp. reported Monday a loss of $33.6 million for the quarter ended Feb. 2, widened from a loss of $7.3 million in the year-ago period.

Sales for the quarter rose to $153 million from $141.6 million, and same-store sales edged up 1.6%.

For the full year, the company lost $118.4 million, compared with a loss of $14.5 million in the prior year. Sales dipped to $657.3 million, compared to $660.5 million for fiscal 2011.

“The past year was one of significant progress in our ongoing efforts to reposition the Orchard brand and execute our strategic priorities,” said Mark Baker, president and CEO. “We are continuing to work productively with our lenders to reach an agreement that will address our capital structure and allow us to build a stronger platform from which we can deliver improved results.”

Orchard said it continues to expect to open at least four new stores and to remodel at least six existing locations this year.

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OPERATIONS

Jones Group nominates Barington Capital chief to board

BY Katherine Boccaccio

New York — The Jones Group Inc. said Monday that it has nominated James Mitarotonda, chairman and CEO of Barington Capital Group, to its board of directors, expanding the board to 11 members.

Barington has about a 2.3% stake in Jones Group.

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