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Strong Comps Drive Stein Mart Q2

In the second quarter, Stein Mart, Inc. posted net income of $3.4 million, or eight cents per diluted share, versus $2.3 million, or five cents per diluted share, in the 2012 period. Comparable store sales increased 6.4%, the company reported.

Total sales for the 2013 second quarter advanced 3.8% to $291 million year over year, the company related. Second quarter EBITDA was $12.8 million versus $9.4 million in the year-earlier period.

“Our second quarter same store sales increase of 6.4% was driven by our great merchandise, brands and pricing,” said Jay Stein, the retailer’s CEO. “We’ve said for a long while that increases in sales and margin will leverage against our lean expense structure resulting in higher earnings growth. This is now happening.”