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By
Reuters
Published
Aug 20, 2009
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Stein Mart posts second quarter profit

By
Reuters
Published
Aug 20, 2009

Aug 20 (Reuters) - Discount retailer Stein Mart Inc (SMRT.O) posted a second-quarter profit, helped by tight control of costs and inventory.


Stein Mart - www.steinmart.com

For the second quarter, net income was $1.5 million, or 4 cents a share, compared with a loss of $8.0 million, or 19 cents a share, a year ago.

As it earlier disclosed, revenue at the company, which sells apparel, accessories, gifts, linens and shoes, fell 8 percent to $287.5 million.

Two analysts on average expected a loss of 2 cents a share, before special items, on revenue of $280.5 million, according to Reuters Estimates.

Selling, general and administrative expenses fell to $74.2 million from $92.5 million in the year-ago quarter.

The company expects to open one store and close four locations in the next three months.

Stein Mart, which sells goods at prices 20 percent to 60 percent below department stores and specialty shops, has been forced to cut jobs, reduce salaries, slash inventory and defer compensation plans to curb costs amid the recession.

Shares of the company closed at $11.41 Wednesday 19 August on Nasdaq. (Reporting by Viraj Nair in Bangalore; Editing by Anne Pallivathuckal)

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