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.