US: Stein Mart returns to profit in Q3
- Q3 net income was $28,000 compared to a net loss of $1.7m
- Total sales increased 6.1% to $290.5m from $273.7m
- Comparable store sales rose 4.8%
Off-price fashion retailer Stein Mart Inc has turned in a profit during its third quarter thanks to "continued sales momentum."
"We have been very focused on refining our brands, pricing and sales execution and the improvements are evident in our results," noted CEO Jay Stein.
Stein Mart, which operates 264 namesake stores, said total sales for the third quarter increased 6.1% to $290.5m, while comparable store sales rose 4.8%.
Gross profit for the quarter increased to $77.8m or 26.8% of sales from $70.7m or 25.8% a year earlier. Higher markups were slightly offset by slightly higher markdowns, the company said.
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Off-price fashion retailer Stein Mart has created a new title of president, which will be shared by COO Hunt Hawkins and chief merchandising officer Brian Morrow....
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