Stein Mart rides sales momentum in third quarter
Continued sales momentum at Stein Mart helped drive the company’s third quarter results, which saw both net and same-store increases.
The company reported net income for the quarter of $28 thousand compared to a net loss of $1.7 million in 2012.
"Our earnings continue to improve as a result of our continued sales momentum," said CEO Jay Stein. "We have been very focused on refining our brands, pricing and sales execution and the improvements are evident in our results."
Total sales for the quarter increased 6.1% to $290.5 million, while comparable store sales increased 4.8%.
The company’s e-commerce business has been operational for more than two months. The company plans to continue enhancing site presentation to help drive online traffic.
Stein Mart also reported that it’s nearly done switching its third-party supply chain distribution centers to company-operated supply chain distribution centers. The final distribution center in Ontario, Calif., will be fully operational in January.
The company operated 264 stores at the end of the quarter compared to 262 stores at the end of last year’s third quarter. The company was able to execute its 2013 store plan, which included four new stores, four relocations and three closings. It’s not done finalizing its 2014 store planning, but plans to double the number of new stores with fewer closings compared to 2013.