Steinmart Net Rises 11 Percent in First Quarter
JACKSONVILLE, Fla.-Increases in net sales and income from special items helped Steinmart to a first-quarter gain of 11 percent in net income, to $15.9 million.
Net sales grew 0.8 percent to $303.5 million, including a same-store sales increase of 1.5 percent for the quarter, which ended on April 30. The retailer also posted "other income" of $8.3 million from its credit-card program, its leased shoe department and breakage of unused gift and merchandise return cards, up 58 percent from last year's first quarter.
Selling, general and administrative expenses edged up 0.6 percent in dollars but fell 6 basis points as a percentage of sales to 23.7 percent. Gross margin was up 55 basis points to 29.6 percent.