Stein Mart (SMRT) Reports $14 Million Profit

Fashion apparel retailer Stein Mart Inc SMRT on Thursday morning released financial results that beat Wall Street expectations. Stein Mart Inc reported that its 1st quarter earnings fell to $14.3 million, or 32 cents per share, down from $16.1 million, or 38 cents per share, a year earlier. Sales fell 5.8% to $301 million, down from $319.6 million a year earlier. A poll of analysts conducted by Thomson Reuters, showed an average Wall Street estimate of expected earnings of 23 cents per share. The closing price of Stein Mart Inc on Wednesday was $9.08 per share.