Stein Mart posts flat 4Q earnings |
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Wed, 21 Mar 2007 13:52
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JACKSONVILLE, Fla. (AP) - Discount department store chain Stein Mart Inc. on Tuesday posted essentially flat earnings for its fiscal fourth quarter, as higher expenses offset a more modest rise in salesFor the fiscal quarter ended Feb. 3, net income came in roughly flat at $21.1 million, or 48 cents per share. Analysts polled by Thomson Financial forecast earnings of 41 cents per share.Sales rose 8 percent to $461 million from $427.4 million. Same-store sales -- a key performance gauge of sales at stores open at least one year -- rose a sluggish 0.9 percent.An extra week boosted sales by $19.7 million and increased per-share earnings by 4 cents per share in the latest quarter, Stein Mart said.Selling, general and administrative expenses increased 11 percent to $108.7 million on higher payroll, depreciation and advertising costs, as well as insurance expense.Full-year earnings fell to $37.2 million, or 85 cents per share, from $50.9 million, or $1.15 per share, in 2005. Annual sales in 2006 edged up slightly to $1.5 billion from $1.48 billion.'We were disappointed in our inability to grow sales and profitability to our projections in 2006,' said Michael D. Fisher, president and chief executive, in a statement.Fisher said the company's efforts 'to make our business more relevant to customers, as well as more productive' met with an uncertain retail climate and proved 'more challenging than anticipated.'Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Stein Mart Feb. same-store sales down 