Stein Mart, Inc. Announces Unaudited Consolidated Financial Results for the First Quarter Ended April 29, 2017; Provides Earnings Guidance for the Second Quarter and Full Year of 2017; Reports Impairment of Property and Other Assets for the First Quarter Ended April 29, 2017
The company continues to expects total sales to be at least 4% above comparable store sales for the full year 2017 due to net new stores. Future quarters's effective tax rate will be higher than the 38.0% previously estimated due to the impact of permanent items on lower anticipated earnings. The company announced that planned capital expenditures for fiscal 2017 have been decreased to approximately $24 million or $21 million net of tenant improvement allowances.
The company announced that if first quarter sales trends continue into the second quarter, the company estimates that loss per share will be in the range of $0.20 to $0.25 for the second quarter.
For the quarter, the company reported impairment of property and other assets of $31,000.