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Stein Mart Announces Nine New Stores Opening This Fall

JACKSONVILLE, Fla., Aug. 13, 2015 (GLOBE NEWSWIRE) -- Stein Mart (NASDAQ:SMRT) announces the nine new stores opening this fall and a preview of its 2016 store opening plans as part of the company's accelerated store growth that began in 2014. This news follows the company's recent release of first half 2015 total sales growth of 6.1 percent and comparable store sales growth of 4.0 percent.

"New store openings are key to our sales growth strategy. We are excited about our new fall locations which include our initial entry into suburban Detroit and Long Island. We have a great number of target customers in these markets and know they will be successful," said Jay Stein, CEO of Stein Mart. "We are also very pleased to announce our preliminary 2016 store expansion plans which include opening at least 12 stores."

Stein Mart opened a new store in Cupertino, CA in March and will open another nine new stores this fall, for a total of ten. The locations of the nine new fall stores and currently scheduled store opening dates are:

  • Commack (Long Island), NY: Mayfair Shopping Center – September 24
  • Newport News, VA: Marketplace at Tech Center – October 1
  • Rancho Mirage (Palm Springs), CA: Rancho Las Palmas shopping center – October 15
  • Lady Lake, FL: Lady Lake Crossing West shopping center – October 22
  • Paradise Valley (Phoenix), AZ: Paradise Valley Shopping Center – October 22
  • Brookhaven (Atlanta), GA: Brookhaven Plaza – November 12
  • Coral Springs, FL: Atlantic Crossings shopping center – November 12
  • Rochester Hills (suburban Detroit), MI: Winchester Center – November 12
  • Torrance (Los Angeles), CA: Best Buy Shopping Center – November 12

Our 2016 new store schedule is well underway with six new stores opening in the spring and plans for at least six more stores in the fall. Details for the fall stores will be announced in 2016. The six new stores which are scheduled to open during the first quarter of 2016 are located in:

  • Aurora (Denver), CO: Arapahoe Crossing shopping center
  • King of Prussia (Philadelphia), PA: West Dekalb Pike and Henderson Road
  • Madison, WI: West Towne Mall
  • San Clemente (Los Angeles), CA: San Clemente Plaza
  • Naples, FL: Tamiami Crossing shopping center
  • Wilmington, DE: Concord Square

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. Currently with 269 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. For more information, please visit www.steinmart.com.

CONTACT: For more information: Linda L. Tasseff Director, Investor Relations (904) 858-2639 ltasseff@steinmart.com

Source:Stein Mart, Inc.