Stein Mart Q3 Comps, Earnings Advance

In the third quarter ended November 2, Stein Mart, Inc. generated net income of $28,000 or breakeven per diluted share compared to a net loss of $1.7 million, or four cents loss per diluted share, in the 2012 period, the company announced. Total sales for the period gained 6.1% to $290.5 million, while comparable store sales increased 4.8%, it reported.

Operating income came in at a loss of $108,000, Stein Mart stated, versus a loss of $3.7 million in the 2012 quarter.

“Our earnings continue to improve as a result of our continued sales momentum,” said Jay Stein, CEO, said in comments on results. “We have been very focused on refining our brands, pricing and sales execution, and the improvements are evident in our results.”

Stein Mart operated 264 stores at third quarter’s end versus 262 stores at the close of last year’s period. The company noted that its plans call for adding four stores, relocating four and closing three during the course of 2013.