Steinmart Net Rises 11 Percent in First Quarter
May 19, 2011,
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.