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Stein Mart Announces 11 New Stores to Open This Year

JACKSONVILLE, Fla., Feb. 26, 2015 (GLOBE NEWSWIRE) -- Stein Mart (Nasdaq:SMRT) announces the opening of eleven new stores this year as part of the company's accelerated store growth that began in 2014. This news follows the company's recent release of its fiscal 2014 total sales growth of 4.3 percent and fourth quarter 2014 total sales growth of 7.3 percent.

The new stores include the company's March opening of the first ever San Francisco Bay area location in Cupertino and ten additional stores opening in the fall. This is an increase from the company's earlier estimate of ten new stores for 2015 announced last November. In 2014, Stein Mart opened nine new stores.

"We are very pleased with the new store sites that we have secured for 2015, which are strategically located in both exciting new markets and some of our strongest existing markets," said Jay Stein, CEO of Stein Mart. "Increasing our number of stores, particularly in targeted growth areas, is key to our sales growth strategy."

The Cupertino store, located at the intersection of Homestead Blvd. and N. De Anza Blvd., will open on March 12. The locations of the ten new stores planned to open in September through November include: Atlanta, suburban Detroit, Florida (2 stores), Southern California (3 stores), Long Island, Phoenix and Virginia Beach. Stein Mart will also relocate one store in Myrtle Beach, SC to a new location this fall.

About Stein Mart, Inc.

Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off-price retail chains. With locations from California to Massachusetts, as well as steinmart.com, Stein Mart's focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, shoes and home fashions. In 2014, Stein Mart was voted America's "Best Department Store" by readers of USA TODAY.

CONTACT: IR Contact: Linda Tasseff, Director of Investor Relations Phone: 904-858-2639 - Email: ltasseff@steinmart.com Media Contact: John Eddy, Goldin Solutions Phone: 646-660-8648 - Email: john@goldinsolutions.com

Source:Stein Mart, Inc.