Stein Mart

Stein Mart Inc. (Jacksonville, Fla.) reported a 65 percent increase in net earnings for the fourth quarter ended Jan. 29, 2005.

Net sales for the period grew 8.8 percent, and same-store sales rose 8 percent. For fiscal 2004, the discount apparel chain saw its sales grow by 8 percent, and its same-store sales rose by 9.1 percent.

During 2004, Stein Mart opened seven new stores, relocated two stores and closed seven others. The company ended fiscal 2004 with 261 stores. In 2005, the retailer plans to open 15 new stores, including one relocation, and to close eight locations.

“The strength of our 2004 business is a direct result of our initiatives over the past two years: creating a distinctive fashion assortment, delivering it more frequently to our stores to promote newness, offering compelling prices on merchandise, and supporting both full price and seasonal clearance with a more clearly defined marketing plan,” said Michael Fisher, president and ceo. “Our inventories are fresh and well-controlled, our store level productivity is greatly improved, our real estate portfolio is stronger than ever, and we believe we have a solid platform for further growth and improvement.”