Stein Mart home hits another home run in Q1
HTT Staff -- Home Textiles Today, 5/23/2013 12:32:07 PM
Jacksonville, Fla. - Aided by ongoing strength in sales for its linens and other home categories coupled with an 8.0% comp in April, Stein Mart was able to offset challenges cause by prolonged winter weather conditions and the Easter holiday calendar shift during its first quarter.
The off-price mid-tier department store chain, with 262 units, enjoyed a 36% jump in net income to $14.7 million, or 33 cents per diluted share. Total sales increased 3.8% to $321.4 million, and comparable store sales increased 1.2%.
"Our strong performance in home continues to carry over from last year, led by top of bed, dec pillows and sheets, particularly in bold colors," said Greg Kleffner, evp of finance and cfo.
Added Jay Stein, ceo: "I don't think there is a retailer out there who has seen the linens [sales] increases that we are, bar none. It's been successful."
Kleffner noted home comps are outperforming the chain's.
Other results from the quarter include: a gross profit increase to $97.9 million, or 30.5% of sales, from $91.9 million, or 29.7% of sales last year; and higher inventories - $278.4 million versus $262.8 million a year ago - to support higher sales.
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