Stein Mart profit rises against easy comparison

Retail Editor 8, 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.

It is too early to judge the impact of the reset, he noted, but added that textiles in particular are showing improvement, led by decorative pillows.

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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