UPDATE 1-Stein Mart Q3 profit beats Street view

* Q3 EPS $0.07/sh vs est loss $0.07/sh

* Q3 rev $270.2 mln vs est $270.7 mln

Nov 19 (Reuters) - Discount retailer Stein Mart Inc (SMRT.O) posted a surprise third-quarter profit, helped by a 22 percent fall in selling, general and administrative (SG&A) costs.

SG&A expenses fell 22 percent to $73.3 million on reduced operating expenses in the stores and in the corporate office, lower advertising, store closing and depreciation expense, the company said in statement.

The company said net income for the third quarter was $3.2 million, or 7 cents per share, compared with a net loss of $14.1 million, or 34 cents a share, a year ago.

Revenue for retailer which sells goods at prices 20 percent to 60 percent below department stores and specialty shops, fell 9.6 percent to $270.2 million.

Analysts on average were expecting loss of 7 cents per share on revenue of $270.7 million, according to Thomson Reuters I/B/E/S.

Due to the challenging retail environment, Stein Mart has had to cut jobs and salaries, defer compensation plans and slash inventory to reduce costs.

Shares of the Jacksonville, Florida-based company rose 2.6 percent to $10.49 Thursday in pre-market trade. They closed at $10.22 the previous day on Nasdaq. (Reporting by Shobhana Chadha in Bangalore; Editing by Jarshad Kakkrakandy)