Stein Mart (SMRT) Misses Q3 EPS by 9c; Updates FY16 Outlook

Stein Mart (NASDAQ: SMRT) reported Q3 EPS of ($0.24), $0.09 worse than the analyst estimate of ($0.15). Revenue for the quarter came in at $299.5 million versus the consensus estimate of $304.14 million.

Comparable store sales decreased 4.6 percent

Updated 2016 Outlook

Based on our results through the third quarter, we have updated our full year 2016 outlook as follows:

• Due to higher markdowns in third quarter 2016 and deleveraging of occupancy costs, we now expect our full year gross profit rate to be lower than in 2015.
• We are now estimating SG&A expenses for the full year to be slightly lower than our previous estimate of $360 million.

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

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