It was a solid end to 2018 for Stein Mart (NASDAQ:SMRT) as the company’s fourth quarter saw it turn a profit after tallying a loss in the year-ago period, lifting SMRT stock after hours.
The Jacksonville, Fla. department and discount store chain reported net income of $4.4 million for the last three months of its fiscal year, or 9 cents per diluted share. In the year-ago period, the business brought in a net loss of $400,000, or a penny per diluted share.
On an adjusted basis, Stein Mart’s net income reached $3.4 million, or 7 cents per diluted share. a slight touch below its year-ago adjusted profit of $3.5 million, or 8 cents per diluted share.
For the fiscal year, the company had a net loss of $6 million, or 13 cents per diluted share, which is 75.3% narrower than its 2017 net loss of $24.3 million, or 52 cents per diluted share. On an adjusted basis, its net loss for 2018 was $4.5 million, or 10 cents per share, a fraction of the year-ago adjusted net loss of $19.9 million, or 43 cents per share.
Stein Mart’s revenue for the quarter was $340.8 million, an 11.5% decline from the $384.9 million from the year-ago quarter. For the fiscal year, net sales were $1.26 billion, below the $1.32 billion it raked in during its fiscal 2017. Eight underperforming stores closed in its fiscal 2018.
SMRT stock was surging roughly 3.4% during regular trading Wednesday. The strong earnings report saw Stein Mart’s stock momentum continue after Wall Street closed, gaining 2.5% after hours.