By  on March 8, 2012

Shares of Stein Mart Inc. fell 8.3 percent to $6.40 in midmorning trading today as investors digested fourth-quarter results, which took a hit as the retailer tried to move away from coupons.

Net profits fell 70 percent to $5.7 million, or 13 cents a share, from $18.8 million, or 42 cents, a year earlier. Adjusting for asset impairment and store closing charges, earnings totaled 15 cents a share and missed analyst estimates by 4 cents.

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