Stein Mart (SMRT) Misses Q2 EPS by 1c; Updates FY16 Outlook
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Stein Mart (NASDAQ: SMRT) reported Q2 EPS of $0.06, $0.01 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $319 million versus the consensus estimate of $324.64 million.
Comparable store sales decreased 1.4 percent
Updated 2016 OutlookWe have updated our full year 2016 outlook as follows:
- We continue to expect that new stores will increase sales an estimated 4 percent above our comparable store sales results for the full year.
- We continue to expect our gross profit rate to be 50 basis points higher than in 2015 as we return to more normal markdown levels in the fourth quarter.
- We are now forecasting SG&A expenses for the full year to be approximately $360 million compared to the $370 million previously estimated. Expenses for fall 2016 will be higher than fall 2015 due to new stores, with the increase being greater in the third quarter.
- We now expect the full year effective tax rate to be somewhat less than the 38.5 percent previously estimated.
For earnings history and earnings-related data on Stein Mart (SMRT) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Steelcase (SCS) Reports Preliminary Q3 EPS In-Line with Views, Revs Light
- Dominion Diamond (DDC) Reports Q3 Loss of $0.34/Share
- Zedge, Inc. (ZDGE) Reports Q1 EPS of $0.02
Create E-mail Alert Related CategoriesEarnings, Guidance, Retail Sales
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!