Stein Mart Q4 Profit Down - Quick Facts

(RTTNews) - Stein Mart Inc. (SMRT) said that its fourth quarter net income dropped to $7.4 million or $0.16 per share from $13.5 million or $0.30 per share in 2012.

But, quarterly adjusted net income rose to $13.1 million or $0.29 per share compared to adjusted net income of $12.3 million or $0.28 per share in 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Comparable store sales for the 13-week fourth quarter ended February 1, 2014 increased 3.1 percent over the 13-week fourth quarter ended February 2, 2013. Note that last year's total sales include $15.8 million for the 53rd week. Total sales for the quarter were $360.8 million down from $368.6 million in the year ago quarter. Four analysts estimated revenues of $364.49 million for the quarter.

For 2014, the company expects sales increases to leverage against its efficient expense structure to continue driving earnings, particularly as it adds stores.

Capital expenditures for 2014 are expected to be approximately $38 million, including $13 million for information systems, $13 million for existing stores and $12 million for new and relocated stores.

The company's Current 2014 plans are to open 10 stores, relocate six stores to better locations in their respective markets and close two stores.