Dive Summary:

• Stein Mart has announced it is preparing to launch its new e-commerce site for retail shoppers but states it does not expect a positive impact on profits during the first year.
• The retailer believes the potentially negative impact on revenue is due mostly to start-up costs associated with the new site. Stein Mart currently controls 262 physical stores with plans for four additional locations this year.
• "Our second quarter same store sales increase of 6.4 percent was driven by our great merchandise, brands and pricing" said Stein Mart CEO Jay Stein.

From the article:

The company’s gross profit for the quarter increased to $80.3 million from $73.8 million in 2012. The increase in the gross profit rate was primarily the result of lower markdowns and slightly higher markup.