Comp sales up 4.8% at Stein Mart in Q1

• Stein Mart (NASDAQ:SMRT-OLD) reports comparable-store sales increased 4.8% in Q1.
• E-commerce contributed 80 bps of growth to the comp.
• Gross profit rate -100 bps to 30.7%.
• SG&A rate -50 bps to 24.2%.
• Inventory +2.6% to $303M.
• Store count +7 Y/Y to 270.
• Previously: Stein Mart misses by $0.03, beats on revenue