NEW YORK (TheStreet) --Shares of Stein Mart Inc. (SMRT) are down by -5.78% to $12.78 in early afternoon trading on Thursday after the company reported a decline in its 2014 second quarter net income to $1.7 million, or four cents per diluted share, compared to $3.4 million, or eight cents per diluted share for the same period last year.
The national fashion retailer said it had a challenging first half of the year due to the impact of harsh weather.
Stein Mart's total sales for the second quarter were up 2.5% to $298.2 million versus $290.9 million for the 2013 second quarter.
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Separately, TheStreet Ratings team rates STEIN MART INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:"We rate STEIN MART INC (SMRT) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income." You can view the full analysis from the report here: SMRT Ratings Report
SMRT data by YCharts
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