Stein Mart Q2 Profit Rises - Quick Facts

(RTTNews) - Apparel retailer Stein Mart, Inc. (SMRT) Thursday reported an increase in second-quarter net income, with 6.4 percent growth in same store sales, driven by improved merchandise, brands and pricing.

For the three-month period, the company reported net income of $3.4 million or $0.08 per share compared with net income of $2.3 million or $0.05 per share last year. The company said its last year adjusted net income per share was $0.02. On average, four analysts polled by Thomson Reuters expected earnings per share of $0.08 for the quarter. Analysts' estimates typically exclude one-time items.

Stein Mart generated net sales of $290.9 million, up 3.8 percent from $280.3 million last year. Analysts expected the company to report revenues of $295.53 million.

Looking forward, the company said: "Total capital expenditures for 2013 are expected to be approximately $34 million, including $14 million for continuing information system upgrades, $5 million for distribution center equipment and software, and the remainder for new and relocated stores, store remodels and new fixtures."