For the year ended Jan. 30, the company reported net income of $23.6 million, or 54 cents per diluted share, compared with a net loss of $71.3 million for its previous fiscal year. In the fourth quarter, the company reported net income $2.7 million, compared with a net loss of $56.2 million in the fourth quarter of 2008.
"We are proud to have reversed two years of losses and earned a significant profit in one of the most demanding years in our company's history," David Stovall Jr., president and CEO of Stein Mart, said in the earnings report. "Rigorous focus on inventory levels and freshness, dedication to expense reduction and emphasis on cash generation all contributed to our profitability this year."
To read the full story by the Jacksonville Business Journal, click here.
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