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Stein Mart Inc. (SMRT) filed Quarterly Report for the period ended 2011-10-29.
Stein Mart Inc. has a market cap of $297.6 million; its shares were traded at around $6.74 with a P/E ratio of 10.7 and P/S ratio of 0.2.
This is the annual revenues and earnings per share of SMRT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SMRT.
Highlight of Business Operations:
Gross profit for the third quarter of 2011 was $59.3 million or 22.9 percent of net sales compared to $68.0 million or 25.4 percent of net sales for the third quarter of 2010. The $8.7 million decrease includes a $0.8 million decrease from closed stores. Gross profit as a percent of sales decreased during the third quarter of 2011 primarily as a result of higher markdowns, negative leverage of occupancy costs and higher buying costs. Higher markdowns were taken to keep inventory levels aligned with sales.Selling, general and administrative (“SG&A”) expenses were $71.3 million or 27.6 percent of net sales for the third quarter of 2011 compared to $70.2 million or 26.2 percent of net sales for the same 2010 period. The $1.1 million increase in SG&A includes a $1.2 million increase in advertising expenses and a $1.4 million increase in corporate expenses, offset by a $1.5 million decrease in stores expenses.
Net sales for the first nine months of 2011 of $832.2 million decreased 1.5 percent from $844.8 million in last year’s first nine months. The $12.6 million sales decrease includes a $12.0 million decrease in sales from closed stores and a $5.9 million decrease in comparable store sales, offset by a $5.3 million increase in non-comparable store sales for a total of four stores opened in 2011 and 2010. The comparable store sales decrease was driven by decreases in the number of transactions and the average units per transaction, offset by an increase in average unit retail.
Gross profit for the first nine months of 2011 was $214.5 million or 25.8 percent of net sales compared to $224.6 million or 26.6 percent of net sales for the first nine months of 2010. The $10.1 million decrease includes a $2.2 million decrease from closed stores. Gross profit as a percent of sales decreased during the first nine months of 2011 primarily as a result of higher markdowns and buying costs.
SG&A expenses were $211.6 million or 25.4 percent of net sales for the first nine months of 2011 compared to $211.9 million or 25.1 percent of net sales for the same 2010 period. SG&A expenses for the first nine months of 2010, as adjusted for the change in our physical inventory process, were $210.7 million or 24.9 percent of net sales. The $0.9 million increase in adjusted SG&A is primarily due to a $2.4 million increase in advertising expenses and a $2.5 million increase in corporate expenses, offset by a $4.0 million decrease in stores expenses. The increase in corporate expense include primarily higher information systems expense and net unfavorable market value changes in the cash surrender value of insurance contracts underlying our executive split-dollar insurance plans during the first nine months of 2011 compared to the same 2010 period. Store expense reductions include $2.7 million for the elimination of operating costs from closed stores and other cost savings.
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