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Stein Mart profit misses consensus by 56.5% in fiscal Q2

Stein Mart Inc. said its normalized net income for the fiscal second quarter ended Aug. 2 was 4 cents per share, compared with the S&P Capital IQ consensus estimate of 9 cents per share.

EPS fell 53.9% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.7 million, a decrease of 52.8% from $3.6 million in the year-earlier period.

The normalized profit margin fell to 0.6% from 1.2% in the year-earlier period.

Total revenue climbed on an annual basis to $298.2 million from $291.0 million, and total operating expenses grew on an annual basis to $295.4 million from $285.1 million.

Reported net income fell 46.1% year over year to $1.8 million, or 4 cents per share, from $3.3 million, or 8 cents per share.