Stein Mart (NASDAQ: SMRT) reported Q4 EPS of $0.17, $0.04 worse than the analyst estimate of $0.21. Revenue for the quarter came in at $394.1 million versus the consensus estimate of $394.34 million.

Comparable store sales decreased 1.1 percent.

“Disappointing fourth quarter sales and a more promotional holiday selling season drove our results lower than the prior year. Our fourth quarter gross profit rate was lower as we made appropriate valuation decisions on inventories,” said Jay Stein, Chief Executive Officer. “On a positive note, we increased our comparable store sales for the year, had solid sales growth from ten new stores and controlled our expenses well. We also ended the year with acceptable inventory levels going into our strong spring selling season.”

2016 Outlook We expect the following factors to influence our business in 2016:

• We opened 5 new stores today and currently plan to open at least 7 new stores in October and November for a total plan of at least 12 stores.
  • We currently plan to close one and relocate two stores
  • New stores should increase sales an estimated 4 percent above our comparable store sales increases for the year
• We expect our gross profit rate to be 50 basis points higher than 2015
• SG&A expenses are expected to be approximately $370 million with the increase primarily due to new stores and planned payroll increases
• Interest expense is estimated to be about the same as in 2015
• The effective tax rate for the year is estimated to be 38.5 percent.
• Capital expenditures for 2016 are expected to be approximately $43 million, or $33 million net of tenant improvement allowances.

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