Stein Mart posts 11 percent drop in fiscal 1st-quarter net income as sales slide

Stein Mart fiscal 1Q net income falls 11 percent

JACKSONVILLE, Fla. — Stein Mart Inc. on Thursday posted a 10.8 percent drop in fiscal first-quarter net income as the retailer’s revenue sank.

Stein Mart earned $14.3 million, or 32 cents per share, for the period ended May 1. That compares with earnings of $16.1 million, or 38 cents per share, in the same period last year.

Revenue fell 5.8 percent to $301 million.

Revenue at stores open at least a year fell 3.8 percent in the quarter. Sales at stores open at least a year are considered an important retail performance indicator because they measure growth from existing stores rather than newly opened ones.

The retailer finished the quarter with 265 stores, compared to 275 at the end of last year’s fiscal first quarter.

The company’s selling, general and administrative expenses fell to $71.6 million from $79.9 million because of cuts in selling and administrative costs.

Stein Mart shares fell 24 cents, or 2.6 percent, to $8.84 in midday trading.