Stein Mart Inc. reported unaudited consolidated earnings results for the first quarter ended May 4, 2013. For the quarter, the company reported net income of $14.7 million or $0.33 per diluted share compared to net income of $10.8 million or $0.25 per diluted share in 2012. EBITDA increased 29.3% to $31.2 million compared to $24.1 million in 2012. Total increased 3.8% to $321.4 million compared to $309.7 million in last year, while comparable store sales increased 1.2%. The company reported operating income of $24.4 million compared to $18.96 million, income before income taxes of $24.3 million compared to $18.9 million, net cash provided by operating activities of $25.7 million compared to $35.4 million and acquisition of property and equipment of $7.7 million compared to $9.1 million for the last year. The company expected to open four new stores, relocate two stores and close two stores during the second half of 2013. The company is on schedule to launch new e-commerce business in the third quarter. The company provided sales guidance for the full year of 2013. It expects e-commerce business will provide with significant future benefit as it grows those sales and it will keep updated as rollout proceeds. As indicated in 2013 outlook, this initiative will have a negative bottom line impact this year, primarily from startup costs at initial expected sales volumes. In addition, margins will be lower than for bricks and mortar stores due to fulfillment costs, which are included on cost of sales.

Stein Mart Inc. plans to open 4 new stores in 2013 to improve locations in the respective markets. The company plans to relocate another 4 stores in 2013. The company plans to close 3 stores in 2013.

Stein Mart Inc. reported sales results for the four-weeks, nine-weeks and thirteen weeks (quarter-to-date) period ended May 4, 2013. For the four-weeks period, the company reported total sales of $99.2 million compared to $97.7 million for the same period last year. Linens, ladies' career sportswear and ladies' casual sportswear posted the strongest sales for the month, while dresses, ladies' accessories and men's sportswear were more challenged. Geographically, sales increased in every state except for Texas which was impacted by inclement weather. Comparable store sales increased 8.0%. For the nine weeks period, the company reported total sales of $234.7 million compared to $227.7 million for the same period last year. Comparable store sales increased 1.5%. For the thirteen weeks period, the company reported total sales of $321.4 million compared to $309.7 million for the same period last year. Comparable store sales increased 1.2%.