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Stein Mart Inc's fourth quarter misses expectations

Last updated: 09:47 10 Mar 2016 EST, First published: 04:47 10 Mar 2016 EST

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Analyst consensus estimated earnings per share of $0.21, but the group underperformed that by $0.04 at $0.17.

Department store chain Stein Mart Inc (NASDAQ:SMRT) missed analyst expectations after a disappointing last quarter.

The Florida-based retailer reported revenue of $39.1mln, a modest increase of just under 2% on the same period last year. But revenue was below analyst estimates of £399.28mln.

"Disappointing fourth quarter sales and a more promotional holiday selling season drove our results lower than the prior year,” said chief executive Jay Stein.

Total sales for the three months were up 1.8% for the period to $394mln from $387mln, but comparable store sales decreased 1%.

For the year, Total sales increased 3% to $1.36bln.

Analyst consensus estimated earnings per share of $0.21, but the group underperformed that by $0.04 at $0.17.

The group also announced it had opened five new stores with two more in the pipeline for October.

Shares were down 2% at market close Wednesday.

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