Stein Mart's stock jumps after strong earnings report

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Despite continued declining sales, Stein Mart Inc. reported unexpectedly strong first-quarter earnings Thursday, sending its stock to its highest level in 18 months.

The Jacksonville-based fashion retailer reported net income of $16.1 million, or 38 cents a share, in the first quarter ended May 2. Analysts had been expecting Stein Mart’s results to be about even with the first quarter of 2008, when it earned $7 million, or 17 cents a share.

Earnings rose sharply despite lower sales. As previously reported, Stein Mart’s total sales fell 9.2 percent in the quarter, to $319.6 million, and comparable store sales fell 8 percent.

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onlynaugusta
41
Points
onlynaugusta 05/22/09 - 07:42 am
0
0
I hate to see the Aiken

I hate to see the Aiken location closing.

jack
10
Points
jack 05/22/09 - 10:41 am
0
0
Hope Augusta's store stays

Hope Augusta's store stays open.

MeinAugusta2
39
Points
MeinAugusta2 05/22/09 - 03:47 pm
0
0
Stein Mart is TOO

Stein Mart is TOO over-priced. I can't afford to shop there.

shamrock
519
Points
shamrock 05/23/09 - 12:58 am
0
0
Stein Mart?? Is that where

Stein Mart?? Is that where they sell beer mugs??

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