Stein Mart (SMRTQ) 10-Q 4 Dec 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Nov. 02, 2013	Nov. 30, 2013
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	2-Nov-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'STEIN MART INC	'
Entity Central Index Key	'0000884940	'
Current Fiscal Year End Date	'--02-01	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	44,531,282

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Nov. 02, 2013	Feb. 02, 2013	Oct. 27, 2012
In Thousands, unless otherwise specified
Current assets:	'	'	'
Cash and cash equivalents	$59,517	$67,233	$104,121
Inventories	329,691	243,345	296,689
Prepaid expenses and other current assets	25,796	22,855	17,566
Total current assets	415,004	333,433	418,376
Property and equipment, net of accumulated depreciation and amortization of $148,358, $132,317 and $134,803, respectively	140,422	131,570	125,582
Other assets	26,930	26,706	24,635
Total assets	582,356	491,709	568,593
Current liabilities:	'	'	'
Accounts payable	199,135	130,972	185,037
Accrued expenses and other current liabilities	65,192	66,109	65,499
Total current liabilities	264,327	197,081	250,536
Other liabilities	61,690	60,594	56,667
Total liabilities	326,017	257,675	307,203
COMMITMENTS AND CONTINGENCIES (See Note 8)	'	'	'
Shareholders' equity:	'	'	'
Preferred stock - $0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding	'	'	'
Common stock - $0.01 par value; 100,000,000 shares authorized; 44,500,995, 43,808,485 and 43,608,228 shares issued and outstanding, respectively	445	438	436
Additional paid-in capital	26,078	17,491	15,430
Retained earnings	230,278	216,574	246,866
Accumulated other comprehensive loss	-462	-469	-1,342
Total shareholders' equity	256,339	234,034	261,390
Total liabilities and shareholders' equity	$582,356	$491,709	$568,593

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Nov. 02, 2013	Feb. 02, 2013	Oct. 27, 2012
In Thousands, except Share data, unless otherwise specified
Statement Of Financial Position [Abstract]	'	'	'
Accumulated depreciation and amortization	$148,358	$132,317	$134,803
Preferred stock, par value	$0.01	$0.01	$0.01
Preferred stock, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value	$0.01	$0.01	$0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	44,500,995	43,808,485	43,608,228
Common stock, shares outstanding	44,500,995	43,808,485	43,608,228

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Nov. 02, 2013	Oct. 27, 2012	Nov. 02, 2013	Oct. 27, 2012
Income Statement [Abstract]	'	'	'	'
Net sales	$290,453	$273,729	$902,786	$863,809
Cost of merchandise sold	212,688	203,039	646,760	627,436
Gross profit	77,765	70,690	256,026	236,373
Selling, general and administrative expenses	77,873	74,431	225,909	217,306
Operating (loss) income	-108	-3,741	30,117	19,067
Interest expense, net	69	81	197	170
(Loss) Income before income taxes	-177	-3,822	29,920	18,897
Income tax (benefit) expense	-205	-2,163	11,786	7,417
Net income (loss)	$28	($1,659)	$18,134	$11,480
Net income (loss) per share:	'	'	'	'
Basic	$0	($0.04)	$0.41	$0.26
Diluted	$0	($0.04)	$0.40	$0.26
Weighted-average shares outstanding:	'	'	'	'
Basic	43,102	42,568	42,949	42,622
Diluted	43,924	42,568	43,631	42,769

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Nov. 02, 2013	Oct. 27, 2012	Nov. 02, 2013	Oct. 27, 2012
Statement Of Income And Comprehensive Income [Abstract]	'	'	'	'
Net income (loss)	$28	($1,659)	$18,134	$11,480
Other comprehensive income, net of tax:	'	'	'	'
Change in post-retirement benefit obligations	2	26	7	77
Comprehensive income (loss)	$30	($1,633)	$18,141	$11,557

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Nov. 02, 2013	Oct. 27, 2012
Cash flows from operating activities:	'	'
Net income	$18,134	$11,480
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	20,834	17,245
Share-based compensation	5,248	3,769
Store closing charges	-145	654
Loss on disposals of property and equipment	586	929
Deferred income taxes	6,740	-2,972
Tax deficiency from equity issuances	-68	-682
Excess tax benefits from share-based compensation	-610	-59
Changes in assets and liabilities:	'	'
Inventories	-86,346	-77,857
Prepaid expenses and other current assets	-5,542	15,105
Other assets	-224	-1,235
Accounts payable	68,163	78,974
Accrued expenses and other current liabilities	-691	-1,219
Other liabilities	-920	5,559
Net cash provided by operating activities	25,159	49,691
Cash flows from investing activities:	'	'
Acquisition of property and equipment	-30,272	-32,732
Net cash used in investing activities	-30,272	-32,732
Cash flows from financing activities:	'	'
Cash dividends paid	-4,430	'
Capital lease payments	-2,197	-4,025
Excess tax benefits from share-based compensation	610	59
Proceeds from exercise of stock options and other	3,633	434
Repurchase of common stock	-219	-3,359
Net cash used in financing activities	-2,603	-6,891
Net (decrease) increase in cash and cash equivalents	-7,716	10,068
Cash and cash equivalents at beginning of year	67,233	94,053
Cash and cash equivalents at end of period	$59,517	$104,121

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Nov. 02, 2013
Accounting Policies [Abstract]	'
Basis of Presentation	'
	1. Basis of Presentation
	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting primarily of normal and recurring adjustments) considered necessary for a fair statement have been included. Due to the seasonality of our business, results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in our annual report on Form 10-K for the year ended February 2, 2013.
	As used herein, the terms “we”, “our”, “us”, “Stein Mart” and the “Company” refer to Stein Mart, Inc. and its wholly-owned subsidiaries.
	Recent Accounting Pronouncement
	In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU No. 2013-02 requires presentation of reclassification adjustments from each component of accumulated other comprehensive income either in a single note or parenthetically on the face of the financial statements, for those amounts required to be reclassified into net income in their entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety in the same reporting period, cross-reference to other disclosures is required. We adopted this guidance in the first quarter of 2013. The adoption of this guidance did not have a material impact on our financial statements or disclosures.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Nov. 02, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	2. Fair Value Measurements
	Assets and Liabilities Measured at Fair Value on a Recurring Basis
	We have money market fund investments classified as cash equivalents which are Level 1 assets because fair value is based on readily available market prices. The fair value of these assets was $45.2 million at November 2, 2013, $55.2 million at February 2, 2013 and $91.2 million at October 27, 2012.

Gift_Card_and_Merchandise_Retu

Gift Card and Merchandise Return Cards	9 Months Ended
	Nov. 02, 2013
Text Block [Abstract]	'
Gift Card and Merchandise Return Cards	'
	3. Gift Card and Merchandise Return Cards
	For the 13 weeks ended November 2, 2013 and October 27, 2012, we recognized breakage income on unused gift and merchandise return cards of $0.2 million and $0.1 million, respectively. For the 39 weeks ended November 2, 2013 and October 27, 2012, we recognized breakage income on unused gift and merchandise return cards of $0.6 million and $2.7 million, respectively. During the second quarter of 2012, we updated certain assumptions on our obligations for unused gift and merchandise return card balances. Breakage income is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

Revolving_Credit_Agreement

Revolving Credit Agreement	9 Months Ended
	Nov. 02, 2013
Debt Disclosure [Abstract]	'
Revolving Credit Agreement	'
	4. Revolving Credit Agreement
	On October 28, 2011, we entered into an amended and restated revolving credit agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. The Credit Agreement provides for a $100 million senior secured revolving credit facility which can be increased to $150 million. The Credit Agreement matures on February 28, 2017. Borrowings under the Credit Agreement are based on and collateralized by eligible credit card receivables and inventory.
	The amount available under the Credit Agreement is the lesser of $100 million or 90% of eligible credit card receivables and inventories less reserves. The amount available for borrowing at November 2, 2013 was $93.8 million and represents the capped borrowing base of $100 million reduced by outstanding letters of credit of $6.2 million. The Credit Agreement contains customary affirmative and negative covenants, including limitations on granting of liens, certain investments, additional indebtedness, prepayments on indebtedness and disposition of inventory. We had no direct borrowings at November 2, 2013.

Income_Taxes

Income Taxes	9 Months Ended
	Nov. 02, 2013
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	5. Income Taxes
	The effective tax rates (“ETR”) for the 39 weeks ended November 2, 2013 and October 27, 2012 were 39.4 percent and 39.2 percent, respectively. The ETR for the 39 weeks ended November 2, 2013 and October 27, 2012 were higher than the statutory rate due to non-deductible expenses.

Shareholders_Equity

Shareholders' Equity	9 Months Ended
	Nov. 02, 2013
Equity [Abstract]	'
Shareholders' Equity	'
	6. Shareholders’ Equity
	Stock Repurchase Plan
	During the 39 weeks ended November 2, 2013 we repurchased 18,927 shares of our common stock at a total cost of $0.2 million. Repurchases during the 39 weeks ended October 27, 2012 were 494,330 shares of our common stock at a total cost of $3.4 million.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Nov. 02, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	7. Earnings Per Share
	We calculate earnings per share (“EPS”) using the two-class method. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS. Our restricted stock awards are considered “participating securities” because they contain non-forfeitable rights to dividends.
	The following table presents the calculation of basic and diluted EPS (shares in thousands):
		13 Weeks Ended		13 Weeks Ended			39 Weeks Ended		39 Weeks Ended
		November 2, 2013		October 27, 2012			November 2, 2013		October 27, 2012
	Basic Earnings (Loss) Per Common Share:
	Net income (loss)	$	28	$	(1,659	)	$	18,134	$	11,480
	Income allocated to participating securities		—		—			479		317
	Net income (loss) available to common shareholders	$	28	$	(1,659	)	$	17,655	$	11,163
	Basic weighted-average shares outstanding		43,102		42,568			42,949		42,622
	Basic earnings (loss) per share	$	0	$	(0.04	)	$	0.41	$	0.26
	Diluted Earnings (Loss) Per Common Share:
	Net income (loss)	$	28	$	(1,659	)	$	18,134	$	11,480
	Income allocated to participating securities		1		—			474		316
	Net income (loss) available to common shareholders	$	27	$	(1,659	)	$	17,660	$	11,164
	Basic weighted-average shares outstanding		43,102		42,568			42,949		42,622
	Incremental shares from share-based compensation plans		822		—			682		147
	Diluted weighted-average shares outstanding		43,924		42,568			43,631		42,769
	Diluted earnings (loss) per share	$	0	$	(0.04	)	$	0.4	$	0.26
	Options to acquire shares and performance share awards totaling approximately 11 thousand shares of common stock that were outstanding during the third quarter of 2013 were not included in the computation of diluted earnings per share. Due to the Company’s net loss position for the third quarter of 2012, 1.3 million weighted average unvested restricted shares (participating securities) and 0.3 million weighted average common stock equivalents (non-participating securities) were not considered in the calculation of net loss available to common shareholders used for both basic and diluted EPS. In addition, options to acquire shares and performance share awards totaling approximately 0.9 million shares of common stock that were outstanding during the third quarter of 2012, were not included in the computation of diluted loss per share. Options excluded were those that had exercise prices greater than the average market price of the common shares such that inclusion would have been anti-dilutive. Performance share awards were not included based on level of performance.
	For the first 9 months of 2013 and 2012, options to acquire and performance share awards of approximately 0.3 million and 0.9 million shares of common stock, respectively, were not included in the computation of diluted earnings per share for the aforementioned reasons.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Nov. 02, 2013
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	8. Commitments and Contingencies
	On July 24, 2013, the Securities and Exchange Commission (the “SEC”) informed us that it was conducting an investigation of the Company and made a request for voluntary production of documents and information. The request is focused on our recent restatement of prior financial statements and our change in auditors. We are cooperating fully with the SEC in this matter. We are unable to predict what action, if any, might be taken in the future by the SEC as a result of the matters that are the subject of the investigation or what impact, if any, the cost of responding to the investigation might have on our financial condition or results of operations.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	9 Months Ended
	Nov. 02, 2013
Accounting Policies [Abstract]	'
Basis of Presentation	'
	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting primarily of normal and recurring adjustments) considered necessary for a fair statement have been included. Due to the seasonality of our business, results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in our annual report on Form 10-K for the year ended February 2, 2013.
	As used herein, the terms “we”, “our”, “us”, “Stein Mart” and the “Company” refer to Stein Mart, Inc. and its wholly-owned subsidiaries.
Recent Accounting Pronouncement	'
	Recent Accounting Pronouncement
	In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU No. 2013-02 requires presentation of reclassification adjustments from each component of accumulated other comprehensive income either in a single note or parenthetically on the face of the financial statements, for those amounts required to be reclassified into net income in their entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety in the same reporting period, cross-reference to other disclosures is required. We adopted this guidance in the first quarter of 2013. The adoption of this guidance did not have a material impact on our financial statements or disclosures.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Nov. 02, 2013
Earnings Per Share [Abstract]	'
Basic and Diluted Income Per Common Share	'
	The following table presents the calculation of basic and diluted EPS (shares in thousands):
		13 Weeks Ended		13 Weeks Ended			39 Weeks Ended		39 Weeks Ended
		November 2, 2013		October 27, 2012			November 2, 2013		October 27, 2012
	Basic Earnings (Loss) Per Common Share:
	Net income (loss)	$	28	$	(1,659	)	$	18,134	$	11,480
	Income allocated to participating securities		—		—			479		317
	Net income (loss) available to common shareholders	$	28	$	(1,659	)	$	17,655	$	11,163
	Basic weighted-average shares outstanding		43,102		42,568			42,949		42,622
	Basic earnings (loss) per share	$	0	$	(0.04	)	$	0.41	$	0.26
	Diluted Earnings (Loss) Per Common Share:
	Net income (loss)	$	28	$	(1,659	)	$	18,134	$	11,480
	Income allocated to participating securities		1		—			474		316
	Net income (loss) available to common shareholders	$	27	$	(1,659	)	$	17,660	$	11,164
	Basic weighted-average shares outstanding		43,102		42,568			42,949		42,622
	Incremental shares from share-based compensation plans		822		—			682		147
	Diluted weighted-average shares outstanding		43,924		42,568			43,631		42,769
	Diluted earnings (loss) per share	$	0	$	(0.04	)	$	0.4	$	0.26

Fair_Value_Measurements_Additi

Fair Value Measurements - Additional Information (Detail) (Money Market Funds [Member], USD $)	Nov. 02, 2013	Feb. 02, 2013	Oct. 27, 2012
In Millions, unless otherwise specified
Money Market Funds [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Fair value of cash and cash equivalents	$45.20	$55.20	$91.20

Gift_Card_and_Merchandise_Retu1

Gift Card and Merchandise Return Cards - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Nov. 02, 2013	Oct. 27, 2012	Nov. 02, 2013	Oct. 27, 2012
Gift Cards And Merchandise Return Cards Textual [Abstract]	'	'	'	'
Obligations for unused gift and merchandise return card	$0.20	$0.10	$0.60	$2.70

Revolving_Credit_Agreement_Add

Revolving Credit Agreement - Additional Information (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Nov. 02, 2013	Nov. 02, 2013	Oct. 28, 2011	Nov. 02, 2013	Nov. 02, 2013
		Maximum [Member]	Revolving Credit Facility [Member]	Letter of Credit [Member]	Line of Credit [Member]
Credit Facilities [Line Items]	'	'	'	'	'
Credit facility maximum borrowing capacity	'	'	$100	'	$100
Credit facility maximum borrowing capacity	'	'	150	'	'
Credit facility agreement expiration date	28-Feb-17	'	'	'	'
Remaining borrowing capacity	93.8	'	'	'	'
Direct Borrowings	0	'	'	'	'
Eligible credit card receivables and inventories less reserves	'	90.00%	'	'	'
Line of credit facility, amount outstanding	'	'	'	$6.20	'

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail)	9 Months Ended
	Nov. 02, 2013	Oct. 27, 2012
Income Tax Disclosure [Abstract]	'	'
Effective tax rate	39.40%	39.20%

Shareholders_Equity_Additional

Shareholders' Equity - Additional Information (Detail) (USD $)	9 Months Ended
In Millions, except Share data, unless otherwise specified	Nov. 02, 2013	Oct. 27, 2012
Stockholders Equity Note [Abstract]	'	'
Repurchase of shares	18,927	494,330
Repurchase shares value	$0.20	$3.40

Earnings_Per_Share_Basic_and_D

Earnings Per Share - Basic and Diluted Income Per Common Share (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Nov. 02, 2013	Oct. 27, 2012	Nov. 02, 2013	Oct. 27, 2012
Basic Earnings (Loss) Per Common Share:	'	'	'	'
Net income (loss)	$28	($1,659)	$18,134	$11,480
Income allocated to participating securities	'	'	479	317
Net income (loss) available to common shareholders	28	-1,659	17,655	11,163
Basic weighted-average shares outstanding	43,102	42,568	42,949	42,622
Basic earnings (loss) per share	$0	($0.04)	$0.41	$0.26
Diluted Earnings (Loss) Per Common Share:	'	'	'	'
Net income (loss)	28	-1,659	18,134	11,480
Income allocated to participating securities	1	'	474	316
Net income (loss) available to common shareholders	$27	($1,659)	$17,660	$11,164
Basic weighted-average shares outstanding	43,102	42,568	42,949	42,622
Incremental shares from share-based compensation plans	822	'	682	147
Diluted weighted-average shares outstanding	43,924	42,568	43,631	42,769
Diluted earnings (loss) per share	$0	($0.04)	$0.40	$0.26

Earnings_Per_Share_Additional_

Earnings Per Share - Additional Information (Detail)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Nov. 02, 2013	Oct. 27, 2012	Nov. 02, 2013	Oct. 27, 2012
Earnings Per Share [Line Items]	'	'	'	'
Weighted average common stock equivalents	11	900	300	900
Participating Securities [Member]	'	'	'	'
Earnings Per Share [Line Items]	'	'	'	'
Weighted average common stock equivalents	'	1,300	'	'
Non-Participating Securities [Member]	'	'	'	'
Earnings Per Share [Line Items]	'	'	'	'
Weighted average common stock equivalents	'	300	'	'