Earnings Report: Stein Mart Back, Better than Ever
Jacksonville, Fla.-based discount fashion and home retailer Stein Mart, Inc. credits a rigorous focus on inventory levels and freshness, dedication to expense reduction, and emphasis on cash generation for its profitability in 2009, after several years in the red.
Stein Mart reported net income of $23.6 million for 2009--reversing two years of losses of more than $70 million and earning a significant profit in one of the most demanding years in its history, it stated in a recently released earnings report. Although the company continues to plan conservatively for 2010, it expects to make $30 million in capital expenditures during the year, compared with $7.6 million in 2009, with a focus on improving sales and operational systems, according to the statement. Stein Mart also plans to relocate five to 10 of its 267 stores to better locations, close four stores, and open three new stores this year.