Stein Mart Q1 total sales marginally higher
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Gross profit was $108.9 million or 30.6 percent of sales.
Gross profit was $108.9 million or 30.6 percent of sales compared to $108.4 million or 30.7 percent of sales in 2015.
Selling, general and administrative (SG&A) expenses for the first quarter of 2016 were $85.8 million or 24.1 percent of sales compared to $85.6 million or 24.2 percent of sales in 2015.
Stein Mart inventories were $317 million at the end of the first quarter of 2016 compared to $303 million at the same time last year. Average inventories per store were flat to last year.
Interest expense for the first quarter of 2016 was $1.0 million compared to $0.7 million in 2015. Borrowings under company's credit facilities were $149 million at the end of the first quarter. Unused availability was $113 million at the end of the quarter. ■