Stein Mart profit edges up in Q1; plans increased POS spending

Jacksonville, Fla. -- Stein Mart reported Thursday that net income for the first quarter rose to $15.9 million from $14.3 million in 2010. Sales edged up 0.8% to $303.5 million, and same-store sales increased 1.5%. The retailer said it is increasing its plan for capital expenditure in 2011 by $5 million to a range of $30 to $35 million. Stein Mart said the increased spending is for POS hardware in all stores toward increasing operational efficiency.