Stein Mart (NASDAQ: SMRT) reported Q3 EPS of $0.01, $0.06 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $300.7 million versus the consensus estimate of $304.88 million.

Comparable store sales decreased 2.3 percent.

Beginning in 2016, consistent with most other retailers, we will no longer report monthly sales. We will continue our monthly reporting through the end of this year and move to a quarterly reporting schedule thereafter.

Guidance:

Based on our results through the third quarter, we have updated our full year 2015 outlook as follows:

• New stores should increase sales 3 to 4 percent above our comparable store sales increases for the fourth quarter.
• We now expect our full year gross profit rate to be lower than the 29.3 percent reported in 2014 which reflects higher pre-opening occupancy costs for new stores opening in the first quarter of 2016 and a more promotional fall selling season due to the slow start.
• SG&A expenses should be $6 to $8 million higher than the $338 million reported in 2014 (not including the $4 million of SEC investigation costs) which is $6 million lower than our second quarter projection.
• The effective tax rate is expected to be about the same as our current rate of 38.7 percent.
• Capital expenditures are now estimated to be approximately $47 million, or $34 million net of tenant improvement allowances.

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