Steinmart plans to pay a $5 special dividend thanks to the availability of low cost financing that allowed the company to more than double the size of its credit facility.
Stein Mart CEO Jay Stein is focused on the company’s growth strategy, which includes plans to continue expanding the company’s e-commerce business, following second-quarter results.
Continued sales momentum at Stein Mart helped drive the company’s third quarter results, which saw both net and same-store increases.
Stein Mart is among the first off-price retailers to launch an online store.
Strong sales in linens, dresses and intimate apparel buoyed Stein Mart’s total sales for the second quarter ended August 3, which increased 3.8% to $290.9 million from $280.4 million for the same quarter last year.
Stein Mart’s interim CEO Jay Stein has been named CEO.
Discount retailer Stein Mart named Hunt Hawkins COO and expanded his responsibilities to include store operations and e-commerce at the 263-unit chain.