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Stein Mart Edges Up Pre-Market as Fiscal Q1 Results Top Street Views

Stein Mart Edges Up Pre-Market as Fiscal Q1 Results Top Street Views

Stein Mart (SMRT) shares edged up in Thursday's pre-market session, after the department-store retailer reported fiscal Q1 results above analysts' expectations as same-store sales climbed. SMRT was up 0.6% at $13.10 in recent pre-market trading, in a 52-week range of $9.03 to $16.17. For the quarter ended May 3, 2014, the company reported net income of $14.1 million, or $0.31 per share, down from $14.7 million, or $0.33 per share, in the quarter ended May 4, 2013. Excluding one-time items, it earned $0.32 per share in the latest quarter, down from $0.33 a year earlier but above the $0.31 per share expected by analysts polled by Capital IQ. Net sales rose 2.3% to $328.9 million, topping analysts' mean estimate of $326 million. Same-store sales increased 2.6%. Our planned growth investments in new stores and ecommerce, as well as the timing of our annual advertising spend, caused our earnings to be below last year, said CEO Jay Stein. Still, he said: We are pleased with our operating performance thus far this year, which included a solid comp sales increase for the quarter once the weather improved.

Stein Mart Edges Up Pre-Market as Fiscal Q1 Results Top Street Views