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Stein Mart fiscal Q3 loss widens YOY

Stein Mart Inc. said its normalized net income for the fiscal third quarter ended Nov. 1 was a loss of $1.1 million, compared with a loss of $110,630 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 0.4% from negative 0.0% in the year-earlier period.

Total revenue rose year over year to $303.7 million from $290.5 million, and total operating expenses climbed 5.1% year over year to $305.4 million from $290.6 million.

Reported net income came to a loss of $1.3 million, or a loss of 3 cents per share, compared to income of $27,000, or 0 cents per share, in the year-earlier period.