Stein Mart, Inc. Reports Sales Results for the Five Weeks and Thirty Five Weeks Ended October 3, 2015
Oct 8 15
Stein Mart Inc. reported sales results for the five weeks and thirty five weeks ended October 3, 2015. For the five weeks, total sales were $117.3 million, a 1.8% decrease over total sales of $119.4 million for the five weeks ended October 4, 2014. Comparable store sales decreased 2.8% from September 2014. September sales were impacted by unseasonably warm weather, one less week of post-Labor Day fall fashion selling and a shift of promotional events, including a shoe and accessories event being moved from September to October. Sales in Mid-Atlantic States were unfavorably impacted by heavy rain associated with hurricane Joaquin the last week of the period.
Total sales of $868.5 million for the thirty five weeks ended October 3, 2015 increased 4.3% from total sales of $832.9 million for the thirty five weeks ended October 4, 2014. Comparable store sales increased 2.4% from comparable store sales for the period ended October 4, 2014.
Stein Mart, Inc. Announces Settlement with Securities and Exchange Commission
Sep 22 15
Stein Mart Inc. announced that it has reached a settlement with the Securities and Exchange Commission in connection with the previously disclosed SEC investigation into the Company's restatement of its financial results for the first quarter of fiscal year 2012, all reporting periods in fiscal year 2011 and its annual reporting period in fiscal year 2010, and change in auditors. In an administrative proceeding, the SEC found that the Company had violated the reporting, books and records, and internal controls provisions of the Securities Exchange Act of 1934 during the restatement period and ordered the Company to cease and desist from committing or causing any violations and any future violations of such SEC rules. The Company agreed to the settlement without admitting or denying the findings of the SEC and also agreed to pay a civil monetary penalty of $800,000. The Company previously established a reserve for the potential settlement of this matter which will not require significant adjustment in the third quarter of 2015. The SEC did not allege fraud by the Company and did not bring charges against any individual. In connection with the settlement, the SEC considered remedial acts undertaken by the Company, including its enhancement of internal controls, retention of additional accounting personnel, and the Company's cooperation with the SEC staff during the course of the investigation.
Stein Mart, Inc. Declares Quarterly Dividend Payable on October 16, 2015
Sep 15 15
Stein Mart Inc. announced that its board of directors declared a quarterly dividend of $0.075 per common share, payable on October 16, 2015 to shareholders of record as of the close of business on October 1, 2015.
Stein Mart Inc. Reports Sales Results for the Four-Week and Thirty-Week Period Ended August 29, 2015
Sep 3 15
Stein Mart Inc. reported sales results for the four-week and thirty-week period ended August 29, 2015. The company reported total sales for the four-week period ended August 29, 2015 of $86.1 million, a 0.4% decrease over total sales of $86.5 million for the four-week period ended August 30, 2014. Comparable store sales for the four-week period ended August 29, 2015 decreased 1.4% from August 2014. August sales were impacted by the move of Labor Day to a week later in September this year and the shifting of events, including the Labor Day event moving from August to September.
Total sales of $751.2 million for the thirty-week period ended August 29, 2015 increased 5.3% from total sales of $713.5 million for the thirty-week period ended August 30, 2014. Comparable store sales for the thirty-week period ended August 29, 2015 increased 3.3% from comparable store sales for the period ended August 30, 2014.
Stein Mart Inc. Announces Unaudited Consolidated Earnings Results for the Thirteen and Twenty Six Weeks Ended August 1, 2015; Provides Earnings Guidance for the Full Year of 2015; Plans to Open 12 New Stores in 2016
Aug 20 15
Stein Mart Inc. announced unaudited consolidated earnings results for the thirteen and twenty six weeks ended August 1, 2015. For the thirteen weeks, the company reported net sales of $311,583,000 compared to $298,157,000 a year ago. Operating income was $7,390,000 compared to $2,793,000 a year ago. Income before income taxes was $6,583,000 compared to $2,724,000 a year ago. Net income was $4,094,000 or $0.09 per basic and diluted share compared to $1,737,000 or $0.04 per basic and diluted share a year ago. Adjusted Non-GAAP operating income was $7,894,000 compared to $4,349,000 a year ago. Adjusted Non-GAAP net income was $4,407,000 or $0.10 per diluted share compared to $2,702,000 or $0.06 per diluted share a year ago.
For the twenty six weeks, the company reported net sales of $665,104,000 compared to $627,011,000 a year ago. Operating income was $30,148,000 compared to $25,890,000 a year ago. Income before income taxes was $28,655,000 compared to $25,756,000 a year ago. Net income was $17,658,000 or $0.38 per diluted share compared to $15,812,000 or $0.35 per diluted share a year ago. Adjusted Non-GAAP operating income was $31,671,000 compared to $28,405,000 a year ago. Adjusted Non-GAAP net income was $18,602,000 or $0.40 per diluted share compared to $17,371,000 or $0.38 per diluted share a year ago. EBITDA was $44,682,000 compared to $40,212,000 a year ago. Adjusted EBITDA was $47,020,000 compared to $44,636,000 a year ago.
The company provided earnings guidance for the full year of 2015. The company expects the full year effective tax rate to be approximately 38.5%. Capital expenditures are now estimated to be approximately $51 million, or $42 million net of tenant improvement allowances, primarily due to additional leasehold improvements for new stores opening in the first quarter of 2016. Effective tax rate for the full year 2015 should be about 38.5%.
The company announced that it is planning to open at least 12 new stores in 2016.