Clothing retailer Stein Mart Inc. (NASDAQ: SMRT) reported fourth-quarter and full-year earnings this morning that missed consensus estimates. For the quarter, the company posted adjusted EPS of $0.15, compared with a consensus estimate of $0.19. Revenue for the quarter came in at $328.1 million versus a consensus estimate of $327.2 million.
For the full year, Stein Mart posted EPS of $0.44, down from EPS of $0.66 a year ago, and lower than the consensus estimate of $0.49. Full-year revenue came in at $1.16 billion, in line with estimates.
For the current year, Stein Mart expects lower gross profits due to impacts of the company’s “pricing strategy and coupon reduction efforts to drive long-term sales growth as well as inflationary occupancy cost increases.” The company also estimates that SG&A expenses will rise 1%-2% in 2012.
Stein Mart shares are down more than -6% at $6.55 in a 52-week range of $5.65-$10.95.
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