Stein Mart Cuts Q1 Net Income

(RTTNews) - Stein Mart Inc. (SMRT) said that it revised its preliminary financial results for the first quarter ended April 30, 2016 previously released on May 19, 2016. The company cuts its quarterly net income by $419,000 or $0.01 per share to $13.31 million or $0.29 per share from previously reported net income of $13.73 million or $0.30 per share.

The revision, which increases selling, general and administrative (SG&A) expenses by $675,000, was required to record additional accruals for actual and anticipated legal settlements.

As a result of this revision, SG&A expenses for the first quarter of 2016 now include $1.4 million of expense for actual and anticipated legal settlements.