Stein Mart's stock jumps after strong earnings report

  • Follow Latest News

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.

Comments (4)

Add comment
ADVISORY: Users are solely responsible for opinions they post here and for following agreed-upon rules of civility. Posts and comments do not reflect the views of this site. Posts and comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the "Flag as offensive" link below the comment.
onlynaugusta
39
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
21
Points
shamrock 05/23/09 - 12:58 am
0
0

Stein Mart?? Is that where

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

Back to Top

Top headlines

Sheriff unveils downtown unit

Business owners are hopeful a plan unveiled Thursday by Richmond County Sheriff Richard Roundtree will change the perception of a dangerous downtown.
Loading...