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Stein Mart fiscal Q4 profit climbs 70.7% YOY

Stein Mart Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 31 came to 30 cents per share, compared with the S&P Capital IQ consensus estimate of 34 cents per share.

EPS increased 67.7% year over year from 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $13.7 million, an increase of 70.7% from $8.0 million in the fourth quarter ended Feb. 1, 2014.

The normalized profit margin increased to 3.5% from 2.2% in the year-earlier period.

Total revenue grew 7.3% year over year to $387.0 million from $360.8 million, and total operating expenses climbed 4.9% year over year to $365.0 million from $347.9 million.

Reported net income increased 67.0% on an annual basis to $12.1 million, or 27 cents per share, from $7.2 million, or 16 cents per share.

For the year, the company's normalized net income totaled 64 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 66 cents.

EPS rose 5.0% from 61 cents in the prior year.

Normalized net income was $28.7 million, a gain of 7.4% from $26.7 million in the prior year.

Full-year total revenue increased from the prior-year period to $1.32 billion from $1.26 billion, and total operating expenses grew on an annual basis to $1.27 billion from $1.22 billion.

The company said reported net income increased 6.1% on an annual basis to $26.4 million, or 59 cents per share, in the full year, from $24.9 million, or 57 cents per share.