Stein Mart Slips To Loss In Q3 - Quick Facts

(RTTNews) - Apparel retailer Stein Mart Inc. (SMRT) reported third-quarter net loss of $1.2 million or $0.03per share, compared to net income of $28 thousand or $0.00 per share in the prior year quarter.

Adjusted net income for the current quarter was $0.9 million or $0.02 per share, compared to adjusted net loss of $0.3 million or $0.01 per share in the comparable quarter last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.

Total sales for the latest third quarter increased 4.5 percent to $303.67 million from last year's $290.45 million, while comparable store sales increased 3.1 percent. Wall Street expected revenues of $301.98 million for the quarter.

The company said it continues to anticipate that new stores will increase sales an estimated 2.5 percent above its comparable store increases for the second half. The company now expect full year gross profit rate to be slightly higher than the 29.1 percent reported in 2013.