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May 24 (Reuters) - Discount retailer Stein Mart Inc. (SMRT.O) posted slightly higher quarterly earnings, and forecast second-quarter earnings significantly below analysts' estimates citing lower consumer spending, higher markdowns and a shift in the retail calendar.

The company forecast second-quarter earnings of 6 cents to 10 cents a share. Analysts were expecting earnings of 24 cents a share, before special items, according to Reuters Estimates.

"Following the earlier Easter and record cold weather in early April, we had hoped to see a stronger recovery, but our business is still underperforming our spring plan and we are concerned about the impact of a lower level of consumer spending going forward," Chief Executive Michael Fisher said in a statement.

Stein Mart forecast second-quarter comparable store sales to be flat to slightly positive.

The company also blamed its tepid second-quarter earnings forecast on lower gross margins resulting from a timing shift in the retail calendar and higher discounts to clear seasonal commodity merchandise.

First-quarter performance was severely impaired by the significant shortfall in April sales, Fisher said.

First-quarter earnings rose a cent to 18 cents a share and were in line with analysts' estimates. However, net sales of $376.1 million missed Wall Street estimates of $384 million.

Fisher said the company is pursuing aggressive cost reduction opportunities throughout the organization, but did not specify what they were.

(Reporting by Amitha Rajan in Bangalore)

((Editing by Rumman Ahmed; Reuters Messaging: amitha.rajan.reuters.com@reuters.net; within U.S. +1 646 223 8780; outside U.S. +91-80-4135-5800)) Keywords: STEINMART RESULTS/

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