Stein Mart Inc. said its normalized net income for the fiscal first quarter ended May 3 amounted to 32 cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.
EPS fell 7.8% year over year from 35 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $14.4 million, a decrease of 5.3% from $15.2 million in the year-earlier period.
The normalized profit margin dropped to 4.4% from 4.7% in the year-earlier period.
Total revenue increased on an annual basis to $328.9 million from $321.4 million, and total operating expenses climbed on an annual basis to $305.8 million from $297.0 million.
Reported net income declined year over year to $13.8 million, or 31 cents per share, from $14.4 million, or 33 cents per share.