Stein Mart 2009 Annual Report Download - page 41

STEIN MART, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts)
F-17
The following tables show the activity in the store closing reserve:
January 31,
2009
Charges Payments
January 30,
2010
Lease termination costs $5,040 $2,089 $2,759 $4,370
Severance 185 569 705 49
Total store closing reserve $5,225 $2,658 $3,464 $4,419
February 2,
2008
Charges Payments
January 31,
2009
Lease termination costs $3,321 $3,568 $1,849 $5,040
Severance - 1,129 944 185
Total store closing reserve $3,321 $4,697 $2,793 $5,225
February 3,
2007
Charges Payments
February 2,
2008
Lease termination costs $4,639 $889 $2,207 $3,321
Severance - 256 256 -
Total store closing reserve $4,639 $1,145 $2,463 $3,321
The store closing reserve at January 30, 2010, January 31, 2009 and February 2, 2008 includes a current portion (in accrued liabilities) of
$1.8 million, $2.1 million and $1.2 million, respectively, and a long-term portion (in other liabilities) of $2.6 million, $3.1 million and $2.1
million, respectively.
10. Sales by Major Merchandise Category
We are a single business segment. The following table summarizes sales by major merchandise category:
2009 2008 2007
Ladies’ apparel and accessories $ 778,410 $ 836,985 $ 901,719
Men’s apparel and accessories 263,059 286,195 309,832
Gifts and linens 138,987 161,335 203,683
Other 38,653 41,954 42,411
Net sales $1,219,109 $1,326,469 $1,457,645
11. Quarterly Results of Operations (Unaudited)
Year Ended January 30, 2010
13 Weeks Ended
May 2, 2009
13 Weeks Ended
Aug. 1, 2009
13 Weeks Ended
Oct. 31, 2009
13 Weeks Ended
Jan. 30, 2010
Net sales $319,570 $287,501 $270,209 $341,829
Gross profit 96,830 75,449 69,601 88,477
Net income 16,086 1,524 3,199 2,744
Basic income per share $0.38 $0.04 $0.07 $0.06
Diluted income per share $0.38 $0.04 $0.07 $0.06
Year Ended January 31, 2009
13 Weeks Ended
May 3, 2008
13 Weeks Ended
Aug. 2, 2008
13 Weeks Ended
Nov. 1, 2008
13 Weeks Ended
Jan. 31, 2009
Net sales $352,123 $311,628 $298,815 $363,903
Gross profit 97,746 74,122 67,464 54,905
Net income (loss) 6,998 (8,003) (14,118) (56,178)
Basic income (loss) per share $0.17 $(0.19) $(0.34) $(1.35)
Diluted income (loss) per share $0.17 $(0.19) $(0.34) $(1.35)
12. Legal Proceedings
We are involved in various routine legal proceedings incidental to the conduct of its business. Management, based upon the advice of
outside legal counsel, does not believe that any of these legal proceedings will have a material adverse effect on our financial condition,
results of operations or cash flows.