Stein Mart Earns $4.3 Million, Beats Estimates SMRT)

Stein Mart, Inc. SMRT released financial results on Thursday morning that beat Wall Street estimates. Stein Mart Inc announced that its 3rd quarter net income rose to $4.3 million, or 10 cents per share, up from $3.2 million, or 7 cents per share, a year earlier. Excluding special items, the company reported earnings of 5 cents per share. The company's revenue rose to $267.89 million, up from $270.21 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 3 cents per share, on revenue of $267.44 million. President and chief executive officer David H. Stovall, Jr. said, We are pleased to report both positive comparable store sales and increased profitability for the quarter. “Our results reflect the benefits of drawing more customers to our stores and continuing expense control.” Stein Mart, Inc. (SMRT) finished the previous trading day at $10.46 per share. The consensus price target of analysts covering the company's stock is $12 per share. Read more from Benzinga's Company news.