Stein Mart Q2 Adj. EPS Tops View - Quick Facts

(RTTNews) - Apparel retailer Stein Mart Inc. (SMRT) reported that its net income for the second quarter increased to $4.1 million, or $0.09 per share, from $1.7 million, or $0.04 per share in the prior-year quarter.

Adjusted net income for the current quarter was $4.4 million or $0.10 per share, compared to $2.7 million or $0.06 per share in 2014. Analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the latest second quarter rose 4.5% to $311.58 million from $298.16 million in the comparable quarter last year. Wall Street expected revenues of $315.56 million for the quarter. Comparable store sales increased 3.0 percent.

The company said new stores will increase sales an estimated 2.5 percent above its comparable store sales increases for the full year due to changes in both the number and timing of new store openings. This will lift second half sales nearly 3.0 percent above comparable store sales increases.