Stein Mart, Inc. announced unaudited consolidated financial results for the first quarter ended April 29, 2017. For the quarter, the company reported net sales of $337,335,000 against $355,712,000 a year ago. Operating income was $10,062,000 against $22,418,000 a year ago. Income before income taxes was $8,923,000 against $21,452,000 a year ago. Net income was $3,700,000 against $13,311,000 a year ago. Net income per basic and diluted share was $0.08 against $0.29 a year ago. Net cash provided by operating activities was $40,181,000 against $60,266,000 a year ago. Net acquisition of property and equipment was $7,182,000 against $11,271,000 a year ago. EBITDA was $18,147,000 against $30,078,000 a year ago. Adjusted EBITDA was $19,334,000 against $32,630,000 a year ago.

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.