Stein Mart profit surges in Q4, sales dip
Jacksonville, Fla. -- Stein Mart reported Thursday that fourth quarter profit surged to $18.8 million from $2.7 million in the year-ago period. Results included an income tax benefit in fourth quarter 2010.
Revenue for the quarter ended Jan. 29 decreased 1.5% to $336.7 million, compared with $341.8 a year earlier. Same-store sales dipped 1.2%.
For the full year, Stein Mart reported net income of $48.8 million, up from $23.6 million in 2009. Sales for the year dropped 3.1% to $1.18 billion. Same-store sales decreased 1.8% for the fiscal year 2010.
Stein Mart president and CEO David H. Stovall Jr. attributed the net income strength to “streamlined cost structure and enhanced inventory management.”