Quarterly net income at off-price retailer Stein Mart Inc rose 25 per cent as inventory control lessened the need for markdowns.

Stein Mart today said net income for the first quarter ended 4 May was $11.4 million, compared with $9.1 million in the same quarter a year earlier.

However, the retailer warned that it expects sales at stores open at least a year to be flat in the second quarter.