Stein Mart (NASDAQ: SMRT) capped off a strong quarter by announcing plans for 10 new stores this year, two of which will be located in spaces previously occupied by bankrupt retailer Loehmann's.
The 10 new sites bring the total store count to more than 270. The company is also planning to relocate six stores as part of the expansion efforts.
Of Stein Mart's 10 new stores, three stores will open in the spring, one in March and two in May. Seven stores will open in the fall, six in October and one in November. The stores will be in Las Vegas, Nevada, the Miami area, Falls Church, Virginia and other yet-to-be named locations.
The two former Loehmann's sites are located in Miami and Virginia. This will be the retailer's first store in the Miami area. Loehmann's filed for Chapter 11 bankruptcy protection for a third time on Dec. 15 and closed all of its stores in January.
The news comes on the heels of Stein Mart's most recent quarterly earnings which mark seven straight quarters of revenue gains. Sales at stores open at least a year increased 3.1 percent. For the year, net income was $25.6 million, 2 percent higher than $25 million in the prior year. Total sales rose 2 percent to $1.26 billion, from $1.23 billion.
The company attributed the strong sales to a growing number of cost-conscious shoppers, well-merchandised inventory during the holidays, and a strong first full year of its private label card. Stein Mart said its credit card customers spend over 50 percent more than other customers.
-See this Stein Mart earnings call transcript
Loehmann's assets, leases sold at auction
Why T.J. Maxx, Marshalls thrive as Loehmann's goes bankrupt
Loehmann's files for Chapter 11 bankruptcy
Year-old grocery chain Belle Foods files for bankruptcy
Blockbuster to close all 300 remaining stores