Stein Mart reports Q1, raises 1H profit forecast
- Q1 EPS $0.16 vs. $0.08 last year; rev -3% to $327 mln; comps -0.7% (no estimates).
- "We now expect first half 2018 operating income to be in excess of $10 million [up from >$8 mln] compared to an operating loss of $11.5 million for the first half of 2017. Our outlook has improved due to first quarter results along with expected additional first-half gross profit expansion and lower SG&A expenses.
- "Second quarter of 2018 operating income is expected to be positive based on the following factors: We anticipate flat to low single-digit increases in comparable sales for the second quarter driven by much higher regular-price selling We expect gross profit expansion in excess of 400 basis points SG&A expenses are expected to be at least $5 million lower, inclusive of higher Ecommerce expenses."