Stein Mart (NASDAQ:SMRT) headquartered in Jacksonville, Florida, announced net income for the first quarter of $ 3.70 million or $ 0.08 per share, compared to income $ 13.31 million or $ 0.29 per share for the year-ago quarter.
Analysts from Thomson Reuters expected income of $ 0.19 per share.
Top line figures for the first quarter decreased 5% to $ 337.34 million from $ 355.71 million in the same quarter last year, where as analysts anticipated $ 357.62 million.
Hunt Hawkins, CEO, said: We continue to experience softer than planned store traffic and sales. Until we gain improved visibility during this period of weak retail apparel sales, we believe it is important to implement measures to maximize free cash flow to improve our financial position. In that regard, we have decided to suspend our quarterly dividend and significantly reduce our planned capital expenditures.
For second quarter, SMRT anticipates loss in the range of $0.20 to $0.25 per share.