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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 30,
2010 Charges Payments
January 29,
2011
Lease termination costs $4,370 $2,887 $2,296 $4,961
Severance 49 241 256 34
Total store closin
g
reserve $4,419 $3,128 $2,552 $4,995
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 closin
g
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 closin
g
reserve $3,321 $4,697 $2,793 $5,225
The store closing reserve at January 29, 2011, January 30, 2010 and January 31, 2009 includes a current portion (in accrued liabilities) of
$2.3 million, $1.8 million and $2.1 million, respectively, and a long-term portion (in other liabilities) of $2.7 million, $2.6 million and $3.1
million, respectively.
11. Sales by Major Merchandise Category
We are a single business segment. The following table summarizes sales by major merchandise category:
2010 2009 2008
Ladies’ apparel and accessories $ 746,886 $ 778,410 $ 836,985
Men’s apparel and accessories 259,016 263,059 286,195
Home 137,706 138,987 161,335
Othe
r
37,902 38,653 41,954
Net sales $1,181,510 $1,219,109 $1,326,469
12. Quarterly Results of Operations (Unaudited)
Y
ear Ended January 29, 2011
13 Weeks Ended
May 1, 2010
13 Weeks Ended
July 31, 2010
13 Weeks Ended
Oct. 30, 2010
13 Weeks Ended
Jan. 29, 2011
Net sales $300,998 $275,955 $267,887 $336,670
Gross profit 87,503 69,104 68,025 87,676
Net income 14,348 11,289 4,295 18,821
Basic income per share $0.33 $0.26 $0.10 $0.42
Diluted income per share $0.32 $0.25 $0.10 $0.42
Year Ended January 30, 2010
13 Weeks Ended
May 2, 2009
13 Weeks Ended
A
ug. 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
The sum of the quarterly per share amounts may not equal the annual amount because income per share is calculated independently for
each quarter.