UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
August 20, 2015
(Date of Report; Date of Earliest Event Reported)
STEIN MART,
INC.
(Exact Name of Registrant as Specified in its Charter)
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Florida |
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0-20052 |
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64-0466198 |
(State or Other Jurisdiction
of Incorporation) |
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(Commission File Number) |
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(IRS Employer
Identification No.) |
1200 Riverplace Blvd., Jacksonville, Florida 32207
(Address of Principal Executive Offices Including Zip Code)
(904) 346-1500
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02 |
RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On August 20, 2015, Stein Mart, Inc. issued a press
release, a copy of which is attached as Exhibit 99.1, that includes financial results for the quarterly period and six months ended August 1, 2015.
ITEM 9.01 |
FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits
99.1 Press Release dated August 20, 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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STEIN MART, INC. |
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(Registrant) |
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Date: August 20, 2015 |
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By: |
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/s/ Gregory W. Kleffner |
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Gregory W. Kleffner |
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Executive Vice President and Chief Financial Officer |
EXHIBIT INDEX
99.1 Press Release dated August 20, 2015.
Exhibit 99.1
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August 20, 2015 |
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For more information: |
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Linda L. Tasseff |
FOR IMMEDIATE RELEASE |
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Director, Investor Relations |
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(904) 858-2639 |
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ltasseff@steinmart.com |
Stein Mart, Inc. Reports Strong Second Quarter 2015 Results
Adjusted EPS of $0.10 versus $0.06 last year
Second Quarter Highlights
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Adjusted diluted earnings per share of $0.10 compared to $0.06 in 2014, a 67% increase |
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Sales grew 4.5 percent in the second quarter; comparable store sales increased 3.0 percent |
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SG&A improved 70 basis points, on an adjusted basis |
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Plans to open at least 12 new stores in 2016 |
JACKSONVILLE, Fla. Stein Mart, Inc. (NASDAQ: SMRT) today
announced financial results for the second quarter ended August 1, 2015.
Overview of Results
Net income for the second quarter was $4.1 million or $0.09 per diluted share compared to net income of $1.7 million or $0.04 per diluted share in 2014. Second
quarter adjusted net income was $4.4 million or $0.10 per diluted share compared to adjusted net income of $2.7 million or $0.06 per diluted share in 2014 (see Note 1). Second quarter 2015 includes $0.7 million, or $0.01 per diluted share, higher
interest expense.
For the first six months of 2015, net income was $17.7 million or $0.38 per diluted share compared to $15.8 million or $0.35 per
diluted share in the same period in 2014. First half adjusted net income was $18.6 million or $0.40 per diluted share compared to adjusted net income of $17.4 million or $0.38 per diluted share in 2014 (see Note 1). The first half of 2015 includes
$1.4 million, or $0.02 per diluted share, higher interest expense.
Adjusted earnings before interest, income taxes, depreciation and amortization
(EBITDA) for the first half of 2015 increased $2.4 million to $47.0 million (see Note 2).
Comments on Results
We are very pleased with our strong second quarter earnings which were driven by leveraging our increased sales along with a higher gross profit
rate, said Jay Stein, Chief Executive Officer. We are looking forward to opening nine great stores this fall starting next month, including our first Long Island store in Commack.
Sales
Total sales for the second quarter of 2015
increased 4.5 percent to $311.6, while comparable store sales increased 3.0 percent. For the first six months of 2015, total sales increased 6.1 percent to $665.1 million, while comparable store sales increased 4.0 percent. Our ecommerce business
contributed 80 basis points to comparable sales growth in both periods.
Gross Profit
Gross profit for the second quarter of 2015 was $88.9 million or 28.5 percent of sales compared to $84.2 million or 28.3 percent of sales in 2014. The increase
in the second quarter gross profit rate was primarily the result of higher markon and slightly lower markdowns, somewhat offset by higher occupancy costs.
Gross profit for the first half of 2015 was $197.3 million or 29.7 percent of sales compared to $188.6 million or 30.1 percent of sales in 2014. The decrease
in the gross profit rate for the first half was the result of a number of items including higher markdowns in the first quarter, the timing and amount of buying and distribution expenses allocated to cost of sales, higher fulfillment costs for
ecommerce sales and slightly higher occupancy costs, somewhat offset by higher markon.
Selling, General and Administrative Expenses
SG&A expenses for the second quarters of 2015 and 2014 were $81.5 million. SEC investigation costs were $1.2 million lower in the second quarter of 2015
compared to 2014 (see Note 1). Excluding these costs from each period, SG&A expenses for the second quarter of 2015 would have been $81.8 million or 26.3 percent of sales compared to $80.5 million or 27.0 percent of sales in 2014. The 70 basis
point improvement in SG&A expenses was primarily due to lower store selling and advertising expenses as a percentage of sales as well-controlled expenses continue to leverage against our higher sales and slightly lower healthcare costs.
For the first six months, SG&A expenses were $167.2 million compared to $162.7 million in 2014. SEC investigation costs were $1.1 million lower in the
first half of 2015 compared to 2014 (see Note 1). Excluding these costs from each period, SG&A expenses would have been $167.0 million or 25.1 percent of sales for the first half of 2015 compared to $161.4 million or 25.7 percent of sales in
2014. The 60 basis point improvement in SG&A expenses was primarily was due to the same items set forth in the previous paragraph, somewhat offset by higher earnings-based incentive compensation expense.
Interest Expense and Debt
Interest expense for
the second quarter of 2015 was $0.8 million compared to $0.1 million in 2014, impacting second quarter earnings $0.01 per diluted share. For the first six months, interest expense was $1.5 million compared to $0.1 million in 2014, impacting first
half earnings $0.02 per diluted share. Interest expense is higher this year due to borrowings on our credit facilities which were used to partially fund a $226 million special dividend paid in February 2015.
Borrowings under our credit facilities were $170 million at the end of the second quarter. Unused availability was $98 million at the end of the quarter.
Inventories
Inventories were $277.2 million at
the end of the second quarter of 2015, 4.1 percent higher than the $266.2 million at the end of the second quarter last year reflecting additional stores. Average inventories per store were 2.0 percent higher than last year.
Store Activity
We had 269 stores at the end of
the second quarter compared to 265 last year. We opened a new store in Cupertino, CA in March and will open another nine new stores this fall, for a total of 10 new stores this year. We closed two stores earlier in the year and will have 278 stores
at the end of the year.
Our 2016 new store schedule is well underway with six new stores opening in the spring and plans for at least six more stores in
the fall.
Updated 2015 Outlook
We have updated our full year 2015 outlook as follows:
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New stores will increase sales an estimated 2.5 percent above our comparable store sales increases for the full year due to changes in both the number and timing of new store openings. This will lift second half sales
nearly 3.0 percent above comparable store sales increases. |
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The gross profit rate is expected to be in line with the 29.3 percent reported in 2014, though it now includes $1 million (25 basis points) higher pre-opening occupancy costs for new stores opening in the first quarter
of 2016. |
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SG&A expenses should grow at a lower rate than previously expected and now will only be $12 to $14 million higher than the $338 million reported in 2014 (not including the $4 million of SEC investigation costs).
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We now expect the full year effective tax rate to be approximately 38.5 percent. |
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Capital expenditures are now estimated to be approximately $51 million, or $42 million net of tenant improvement allowances, primarily due to additional leasehold improvements for new stores opening in the first quarter
of 2016. |
Filing of Form 10-Q
Reported results are preliminary and not final until the filing of our Form 10-Q for the fiscal quarter ended August 1, 2015 with the Securities and
Exchange Commission (SEC), and therefore remain subject to adjustment.
Conference Call
A conference call for investment analysts to discuss the Companys second quarter 2015 results will be held at 10 a.m. EDT on August 20, 2015. The
call may be heard on the investor relations portion of the Companys website at http://ir.steinmart.com. A replay of the conference call will be available on the website through September 30, 2015.
Investor Presentation
Stein Marts
second quarter 2015 investor presentation has been posted to the investor relations portion of the Companys website at http://ir.steinmart.com.
About Stein Mart
Stein Mart stores offer the
fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off-price retail chains. Currently with locations from California to Massachusetts, as well as steinmart.com, Stein Marts
focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, shoes and home fashions. For more information, please visit www.steinmart.com.
Cautionary Statement Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this release may be forward-looking, and are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. The Company does not assume any obligation to update or revise any forward-looking statements even if experience or future changes make it clear that projected results expressed or implied
will not be realized. Forward-looking statements involve known and unknown risks and uncertainties that may cause Stein Marts actual results in future periods to differ materially from forecasted or expected results. Those risks include,
without limitation: consumer sensitivity to economic conditions, competition in the retail industry, changes in consumer preferences and fashion trends, effectiveness of advertising and marketing, capital availability and debt levels, ability to
negotiate acceptable lease terms with current and potential landlords, ability to successfully implement strategies to exit under-performing stores, extreme and/or unseasonable weather conditions, adequate sources of merchandise at acceptable
prices, dependence on certain key personnel and ability to
attract and retain qualified employees, impacts of seasonality, increases in the cost of compensation and employee benefits, disruption of the Companys distribution process, dependence on
imported merchandise, information technology failures, data security breaches, single supplier for shoe department, single provider for ecommerce website, acts of terrorism, ability to adapt to new regulatory compliance and disclosure obligations,
outcome of SEC investigation, material weaknesses in internal control over financial reporting and other risks and uncertainties described in the Companys filings with the Securities and Exchange Commission.
SMRT-F
###
Additional information about Stein Mart, Inc. can be found at www.steinmart.com
Stein Mart, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands,
except for share and per share data)
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August 1, 2015 |
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January 31, 2015 |
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August 2, 2014 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
11,620 |
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$ |
65,314 |
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$ |
53,097 |
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Inventories |
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277,243 |
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285,623 |
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266,215 |
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Prepaid expenses and other current assets |
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33,815 |
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22,733 |
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26,703 |
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Total current assets |
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322,678 |
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373,670 |
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346,015 |
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Property and equipment, net |
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156,072 |
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148,782 |
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147,605 |
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Other assets |
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30,027 |
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30,639 |
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28,887 |
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Total assets |
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$ |
508,777 |
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$ |
553,091 |
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$ |
522,507 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
122,699 |
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$ |
129,924 |
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$ |
120,635 |
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Current portion of debt |
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9,167 |
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Accrued expenses and other current liabilities |
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64,661 |
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69,213 |
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57,349 |
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Total current liabilities |
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196,527 |
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199,137 |
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177,984 |
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Long-term debt |
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161,033 |
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Deferred rent |
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37,532 |
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31,284 |
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30,804 |
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Other liabilities |
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39,709 |
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37,732 |
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37,196 |
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Total liabilities |
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434,801 |
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268,153 |
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245,984 |
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COMMITMENTS AND CONTINGENCIES |
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Shareholders equity: |
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Preferred stock$.01 par value; 1,000,000 shares authorized; no shares issued or outstanding |
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Common stock$.01 par value; 100,000,000 shares authorized; 45,702,328, 44,918,649 and 44,936,387 shares issued and outstanding,
respectively |
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457 |
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449 |
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449 |
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Additional paid-in capital |
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40,025 |
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34,875 |
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30,650 |
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Retained earnings |
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33,918 |
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250,046 |
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245,680 |
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Accumulated other comprehensive loss |
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(424 |
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(432 |
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(256 |
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Total shareholders equity |
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73,976 |
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284,938 |
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276,523 |
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Total liabilities and shareholders equity |
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$ |
508,777 |
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$ |
553,091 |
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$ |
522,507 |
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Stein Mart, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(In thousands,
except per share amounts)
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13 Weeks Ended August 1, 2015 |
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13 Weeks Ended August 2, 2014 |
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26 Weeks Ended August 1, 2015 |
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26 Weeks Ended August 2, 2014 |
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Net sales |
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$ |
311,583 |
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$ |
298,157 |
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$ |
665,104 |
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$ |
627,011 |
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Cost of merchandise sold |
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222,648 |
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213,913 |
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467,789 |
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438,441 |
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Gross profit |
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88,935 |
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84,244 |
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197,315 |
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188,570 |
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Selling, general and administrative expenses |
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81,545 |
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81,451 |
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167,167 |
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162,680 |
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Operating income |
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7,390 |
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2,793 |
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30,148 |
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25,890 |
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Interest expense, net |
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807 |
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69 |
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1,493 |
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134 |
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Income before income taxes |
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6,583 |
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2,724 |
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28,655 |
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25,756 |
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Income tax expense |
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2,489 |
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987 |
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10,997 |
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9,944 |
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Net income |
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$ |
4,094 |
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$ |
1,737 |
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$ |
17,658 |
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$ |
15,812 |
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Net income per share: |
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Basic |
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$ |
0.09 |
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$ |
0.04 |
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$ |
0.39 |
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$ |
0.35 |
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Diluted |
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$ |
0.09 |
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$ |
0.04 |
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$ |
0.38 |
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$ |
0.35 |
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Weighted-average shares outstanding: |
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Basic |
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44,710 |
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43,814 |
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44,661 |
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43,822 |
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Diluted |
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45,926 |
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44,704 |
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45,846 |
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44,580 |
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Stein Mart, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(In thousands)
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13 Weeks Ended August 1, 2015 |
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13 Weeks Ended August 2, 2014 |
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26 Weeks Ended August 1, 2015 |
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26 Weeks Ended August 2, 2014 |
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Net income |
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$ |
4,094 |
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$ |
1,737 |
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$ |
17,658 |
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$ |
15,812 |
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Other comprehensive income, net of tax: |
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Amounts reclassified from accumulated other comprehensive income |
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4 |
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2 |
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8 |
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5 |
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Comprehensive income |
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$ |
4,098 |
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$ |
1,739 |
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$ |
17,666 |
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$ |
15,817 |
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NOTES TO PRESS RELEASE
Note 1Adjusted Results
We report our consolidated
financial results in accordance with generally accepted accounting principles (GAAP). However, to supplement these consolidated financial results, management believes that certain non-GAAP operating results, which exclude those items
detailed below, may provide a more meaningful measure to compare our results of operations between periods. We believe these non-GAAP results provide useful information to both management and investors by excluding certain items that impact
comparability of the results.
Reconciliation of Operating Income, Net Income and Diluted EPS from GAAP Basis to Adjusted Non-GAAP
Basis
Unaudited (in thousands, except for share data)
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13 Weeks Ended August 1, 2015 |
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13 Weeks Ended August 2, 2014 |
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Operating Income |
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Tax Provision |
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Net Income |
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Diluted EPS |
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Operating Income |
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Tax Provision |
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Net Income |
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Diluted EPS |
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GAAP Basis |
|
$ |
7,390 |
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|
$ |
2,489 |
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|
$ |
4,094 |
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|
$ |
0.09 |
|
|
$ |
2,793 |
|
|
$ |
987 |
|
|
$ |
1,737 |
|
|
$ |
0.04 |
|
Adjustments: |
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Ecommerce losses |
|
|
772 |
|
|
|
293 |
|
|
|
479 |
|
|
|
0.01 |
|
|
|
714 |
|
|
|
271 |
|
|
|
443 |
|
|
|
0.01 |
|
SEC investigation costs (1) |
|
|
(277 |
) |
|
|
(105 |
) |
|
|
(172 |
) |
|
|
|
|
|
|
963 |
|
|
|
366 |
|
|
|
597 |
|
|
|
0.01 |
|
Store closing & impairment charges |
|
|
9 |
|
|
|
3 |
|
|
|
6 |
|
|
|
|
|
|
|
(121 |
) |
|
|
(46 |
) |
|
|
(75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
504 |
|
|
|
191 |
|
|
|
313 |
|
|
|
0.01 |
|
|
|
1,556 |
|
|
|
591 |
|
|
|
965 |
|
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP Basis |
|
$ |
7,894 |
|
|
$ |
2,680 |
|
|
$ |
4,407 |
|
|
$ |
0.10 |
|
|
$ |
4,349 |
|
|
$ |
1,578 |
|
|
$ |
2,702 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended August 1, 2015 |
|
|
26 Weeks Ended August 2, 2014 |
|
|
|
Operating Income |
|
|
Tax Provision |
|
|
Net Income |
|
|
Diluted EPS |
|
|
Operating Income |
|
|
Tax Provision |
|
|
Net Income |
|
|
Diluted EPS |
|
GAAP Basis |
|
$ |
30,148 |
|
|
$ |
10,997 |
|
|
$ |
17,658 |
|
|
$ |
0.38 |
|
|
$ |
25,890 |
|
|
$ |
9,944 |
|
|
$ |
15,812 |
|
|
$ |
0.35 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ecommerce losses |
|
|
1,273 |
|
|
|
484 |
|
|
|
789 |
|
|
|
0.02 |
|
|
|
1,358 |
|
|
|
516 |
|
|
|
842 |
|
|
|
0.02 |
|
SEC investigation costs (1) |
|
|
186 |
|
|
|
71 |
|
|
|
115 |
|
|
|
|
|
|
|
1,291 |
|
|
|
491 |
|
|
|
800 |
|
|
|
0.01 |
|
Store closing & impairment charges |
|
|
64 |
|
|
|
24 |
|
|
|
40 |
|
|
|
|
|
|
|
(134 |
) |
|
|
(51 |
) |
|
|
(83 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
1,523 |
|
|
|
579 |
|
|
|
944 |
|
|
|
0.02 |
|
|
|
2,515 |
|
|
|
956 |
|
|
|
1,559 |
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP Basis |
|
$ |
31,671 |
|
|
$ |
11,576 |
|
|
$ |
18,602 |
|
|
$ |
0.40 |
|
|
$ |
28,405 |
|
|
$ |
10,900 |
|
|
$ |
17,371 |
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Professional fees and other expenses related to the SEC investigation into our 2012 financial restatement. |
Note 2EBITDA
As used in this release, EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. EBITDA is not a measure of financial
performance under GAAP. However, we present EBITDA in this release because we consider it to be an important supplemental measure of our performance and because it is frequently used by analysts, investors and others to evaluate the performance of
companies. EBITDA is not calculated in the same manner by all companies. EBITDA should be used as a supplement to results of operations and cash flows as reported under GAAP and should not be considered to be a more meaningful measure than, or an
alternative to, measures of operating performance as determined in accordance with GAAP.
Reconciliation of Net Income to EBITDA and
Adjusted EBITDA
Unaudited (in thousands)
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended Aug. 1, 2015 |
|
|
26 Weeks Ended Aug. 2, 2014 |
|
Net income |
|
$ |
17,658 |
|
|
$ |
15,812 |
|
Add back amounts for computation of EBITDA: |
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
1,493 |
|
|
|
134 |
|
Income tax expense |
|
|
10,997 |
|
|
|
9,944 |
|
Depreciation and amortization |
|
|
14,534 |
|
|
|
14,322 |
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
44,682 |
|
|
|
40,212 |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Ecommerce losses |
|
|
1,273 |
|
|
|
1,358 |
|
SEC Investigation costs |
|
|
186 |
|
|
|
1,291 |
|
Store closing & impairment charges |
|
|
64 |
|
|
|
(134 |
) |
Pre-opening costs |
|
|
815 |
|
|
|
1,909 |
|
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
2,338 |
|
|
|
4,424 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
47,020 |
|
|
$ |
44,636 |
|
|
|
|
|
|
|
|
|
|
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