Stein Mart profits up 660 percent
May 21, 2004,
JACKSONVILLE, Fla. — Climbing back on track after building sales and margins, while slashing costs, stockpiles and interest expense; Southeastern off-pricer Stein Mart Inc. pushed profits more than seven-fold higher during the opening quarter, up 661.1 percent, to $11.7 million from $1.7 million last year.
Driving much of the earnings performance, sales climbed at a double-digit pace, improving 10.8 percent, to $363.6 million from $328.2 million. Same-store sales grew even faster, rising 11.2 percent.
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