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Stein Mart fiscal Q1 profit falls 5.3% YOY

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.