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JACKSONVILLE, Fla. - Department store operator Stein Mart Inc. said Thursday that its profit more than doubled in the first quarter as it significantly reduced expenses.
Earnings soared to $16.1 million, or 38 cents per share, for the three months ended May 2 compared with $7 million, or 17 cents per share, a year ago.
The company slashed its selling, general and administrative expenses to $79.9 million from $91.5 million.
Sales dropped 9 percent to $319.6 million from $352.1 million in the prior year.
Sales at stores open at least a year, known as same-store sales, fell 8 percent.
Same-store sales are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.
Stein Mart had 275 stores in operation at quarter's end.
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Data is a real-time snapshot *Data is delayed at least 15 minutes