Stein Mart Inc. (NASDAQ:SMRT) reported stronger-than-expected second-quarter earnings, driven by modest expenses and improved inventory management efforts.
The fashion merchandise retailer posted net income of $11.3 million, or 25 cents a share, compared with $1.5 million, or 4 cents a share, in the same quarter last year, and ahead of average analyst estimates of 7 cents.
Revenue for the company was $275.9 million, compared with $287.5 million a year ago, and beating the Street’s view of $273.6 million.
“We are pleased that operating efficiencies allowed us to deliver solid financial results as we reinstated associate compensation and other expenses that were temporarily reduced last year and are important to our long-term performance,” Stein Mart CEO David H. Stovall, Jr.
Expense and inventory management efforts have been key revenue drivers, Stovall said.