Stein Mart (SMRT) Misses Q1 EPS by 3c

Stein Mart (NASDAQ: SMRT) reported Q1 EPS of $0.31, $0.03 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $353.5 million versus the consensus estimate of $347.96 million. Comparable store sales increased 4.8 percent.

"We are extremely pleased with our solid comparable store sales increase for the quarter and the performance of our new stores," said Jay Stein, Chief Executive Officer. "Our inventories are in great shape. As planned, our gross profit rate will improve as the year proceeds and our expenses will continue to leverage against our higher sales. This should be more evident beginning with our second quarter results."

For earnings history and earnings-related data on Stein Mart (SMRT) click here.

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