Stein Mart Q4 Profit Rises - Quick Facts

(RTTNews) - Apparel retailer Stein Mart Inc. (SMRT) reported fourth-quarter net income of $12.3 million or $0.27 per share, compared to $7.4 million or $0.16 per share in the prior year quarter.

Adjusted net income for the current quarter was $14.6 million or $0.32 per share, down from $14.0 million or $0.31 per share in the previous year quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

Total sales for the latest fourth quarter increased 7.3 percent to $387.01 million from $360.79 million in the comparable quarter last year, while comparable store sales increased 5.6 percent. Wall Street expected revenues of $386.24 million for the quarter.

We anticipate that new stores opened in 2014 and 2015 will increase sales an estimated 3.0 percent above our comparable store increases for the year, with the increase being somewhat higher in the second half of the year. The gross profit rate is expected to be consistent with the 2014 rate.

Further, Stein Mart's Board of Directors declared a regular quarterly dividend of $0.075 per common share, payable on April 17, 2015 to shareholders of record as of the close of business on April 2, 2015.