Stein Mart Reports Fourth Quarter and Fiscal Year 2010 Financial Results

Stein Mart SMRT today announced financial results for the fourth quarter and fiscal year ended January 29, 2011.

Overview of Results

Net income for the fourth quarter was $18.8 million or $0.42 per diluted share compared to net income of $2.7 million or $.06 per diluted share in 2009. These results include items that impact the comparability of net income and earnings per share, including an income tax benefit in the fourth quarter of 2010 (see “Items Impacting Comparability” below and the attached non-GAAP reconciliation table). Excluding these items, fourth quarter net income increased to $14.6 million or $0.32 per diluted share compared to $8.7 million or $0.19 per diluted share in 2009.

For the year, net income was $48.8 million or $1.08 per diluted share compared to net income of $23.6 million or $0.54 per diluted share in 2009. These results include items that impact the comparability of net income and earnings per share, including an income tax benefit in the fourth quarter of 2010 (see “Items Impacting Comparability” below). Excluding these items, net income increased 23.7% to $38.5 million or $0.86 per diluted share compared to $31.1 million or $0.71 per diluted share in 2009.