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.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money