Stein Mart (NASDAQ: SMRT) reported Q2 EPS of $0.10, $0.05 better than the analyst estimate of $0.05. Revenue for the quarter came in at $311.6 million versus the consensus estimate of $315.56 million.

Comparable store sales increased 3.0 percent.

We have updated our full year 2015 outlook as follows:

• New stores will increase sales an estimated 2.5 percent above our comparable store sales increases for the full year due to changes in both the number and timing of new store openings. This will lift second half sales nearly 3.0 percent above comparable store sales increases.
• The gross profit rate is expected to be in line with the 29.3 percent reported in 2014, though it now includes $1 million (25 basis points) higher pre-opening occupancy costs for new stores opening in the first quarter of 2016.
• SG&A expenses should grow at a lower rate than previously expected and now will only be $12 to $14 million higher than the $338 million reported in 2014 (not including the $4 million of SEC investigation costs).
• We now expect the full year effective tax rate to be approximately 38.5 percent.
• Capital expenditures are now estimated to be approximately $51 million, or $42 million net of tenant improvement allowances, primarily due to additional leasehold improvements for new stores opening in the first quarter of 2016.

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