May 21, 2009
Stein Mart Q1 beats Street, shares up
May 21, 2009
May 21 (Reuters) - Discount retailer Stein Mart Inc (SMRT.O) posted a higher-than-expected quarterly profit, helped by tight control of costs and inventory, sending its shares up 30 percent in trading before the bell.
Stein Mart Summer 2009
"Despite a very difficult sales environment, first-quarter earnings improved due to tightly controlled inventories that enhanced merchandise margins, and significant expense reductions," Chief Executive David Stovall said in a statement.
In January, the Jacksonville, Florida-based company said it would cut jobs, reduce salaries and suspend its corporate matching contribution to 401(k) and deferred compensation plans. For the quarter ended May 2, the company earned $16.1 million, or 38 cents a share, compared with $7.0 million, or 17 cents a share, last year.
Revenue came in at $319.6 million.
Analysts on average were expecting earnings of 16 cents a share, before special items, on revenue of $306.1 million, according to Reuters Estimates.
Selling, general and administrative expenses fell to $79.9 million, compared with $91.5 million in the year-ago quarter.
Shares of the company were up 30 percent at $5.75 in trading before the bell. They closed at $4.42 Wednesday 20 May on the Nasdaq. (Reporting by Mihir Dalal in Bangalore; Editing by Anne Pallivathuckal)
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