Stein Mart profit rises against easy comparison
August 19, 2010,
Jacksonville, Fla. - Stein Mart's home department - reconfigured as of just this week - is showing preliminary signs of process, executives said during the company's quarterly conference call this morning.
"We are excited about what home promises for us for the fall season," said David Stovall Jr., president and ceo.
For the second quarter ended July 31, earnings climbed to $11.3 million, or 25 cents per share, from $1.5 million, or 4 cents per share, in the year-ago quarter.
Sales dropped 4.0% to $276.0 million, while comps fell 2.0%.
For the first half of the fiscal year, earnings jumped 45.5% to $25.6 million, or 57 cents per share, compared to $17.6 million, or 41 cents per share.
Sales declined 5.0% to $577.0 million, with comps off 3.0%.
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