Stein Mart Inc. (SMRT) Thursday said profit for the first quarter rose due to "increased sales and a higher gross profit rate leveraged against relatively flat expenses". Earnings per share were higher than analyst estimates.
For the quarter, the firm posted profit of $14.69 million, up from $10.83 million reported for the year-ago period. On a per share basis, earnings were $0.33 compared with $0.25 last year.
Four analysts on average polled by Thomson Reuters estimated earnings per share of $0.29 for the quarter. Analyst estimates typically exclude one-time items. The firm said comparable-store-sales increased 1.2 percent.
The company clocked revenue of $321.36 million, up from $309.7 million reported last year. Analysts were looking for revenue of $312.30 million for the period.
For comments and feedback: editorial@rttnews.com