Stein Mart (SMRT) Reports Q1 EPS of $0.16

Stein Mart (NASDAQ: SMRT) reported Q1 EPS of $0.16, versus $0.08 reported last year. Revenue for the quarter came in at $326.7 million, versus $337.3 million reported last year.

Updated First Half 2018 Outlook

We now expect first half 2018 operating income to be in excess of $10 million compared to an operating loss of $11.5 million for the first half of 2017. Our outlook has improved due to first quarter results along with expected additional first-half gross profit expansion and lower SG&A expenses. Second quarter of 2018 operating income is expected to be positive based on the following factors:

We anticipate flat to low single-digit increases in comparable sales for the second quarter driven by much higher regular-price selling
We expect gross profit expansion in excess of 400 basis points
SG&A expenses are expected to be at least $5 million lower, inclusive of higher Ecommerce expenses

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

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