Stein Mart, Inc. Reports August '05 and Year-To-Date Sales

Stein Mart, Inc. Reports August '05 and Year-To-Date Sales

JACKSONVILLE, Fla., Sept. 1 /PRNewswire-FirstCall/ -- Stein Mart, Inc. (NASDAQ:SMRT) today announced total sales and comparable store sales for the fiscal period(s) ended August 27, 2005, as follows (dollars in millions):

Total Sales Percent Change

Fiscal Period: Total Comparable
2005 2004 Sales Store Sales
August (4 weeks) $98.1 $91.6 7.1% 5.3%
Year to date (30 weeks) $815.8 $776.8 5.0% 3.4%

Ladies' career and casual sportswear, intimate apparel, ladies' accessories and men's furnishings led the Company in comparable store sales increases. Geographically, comparable store sales were positive in all regions, and strongest in Florida, Texas and the west/southwest.

The Company operated 260 stores on August 27, 2005, as compared to 258 stores at the same time last year.

Hurricane Katrina Update

Hurricane Katrina's impact on the Company's Florida stores was minimal as it passed east to west on August 25-27, 2005. A total of 13 stores on both coasts closed early ahead of the storm, and all affected Florida stores on both coasts were open regular hours the next day.

Starting on Sunday, August 28, Stein Mart stores along the Gulf Coast of Louisiana, Mississippi, Alabama and Florida began closing in preparation for the storm, with a total of 18 stores closed or closing early as Hurricane Katrina moved ashore Monday. As of this morning, September 1, 2005, seven stores remain closed, including four stores in New Orleans, LA, one store each in Biloxi and Hattiesburg, MS, and one store in Mobile, AL.

The status of some of the still-closed stores is unknown because they are inaccessible; in other instances, the stores themselves appear to be intact but because of a lack of electricity and other issues related to access, they remain closed. Stein Mart's loss of merchandise, interruption of business and restocking costs for damaged stores will be substantially covered by insurance.

Quarterly Dividend Declared

At its quarterly meeting this week, the Stein Mart board of directors declared a regular quarterly dividend of $0.0625 per common share. The dividend will be payable on September 23, 2005, to stockholders of record at the close of business on September 9, 2005.

Quarter-end News Release Date

Full financial results for the Company's third quarter ending October 29, 2005 will be released prior to the opening of the financial markets on Thursday, November 17, 2005.

About Stein Mart

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 locations from California to New York, Stein Mart's focused assortment of merchandise features moderate to designer brand-name apparel for women, men and young children, as well as accessories, gifts, linens and shoes.

SAFE HARBOR STATEMENT>>>>>>>Except for historical information contained herein, the statements in this release may be forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company does not assume any obligation to update or revise any forward-looking statements even if experience or future changes make it clear that projected results expressed or implied will not be realized. Forward-looking statements involve known and unknown risks and uncertainties that may cause Stein Mart's actual results in future periods to differ materially from forecasted or expected results. Those risks include, without limitation, on-going competition from other retailers, availability of new store sites at acceptable lease terms, ability to successfully implement strategies to exit or improve under-performing stores, changing preferences in apparel, changes in consumer spending due to current events and/or general economic conditions, the effectiveness of new advertising, marketing and promotional strategies, adequate sources of merchandise at acceptable prices, the Company's ability to attract and retain qualified employees to support planned growth, and the other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission.

Additional information about Stein Mart, Inc. can be found at http://www.steinmart.com/ .

Source: Stein Mart, Inc.

CONTACT: Susan Datz Edelman, Director, Stockholder Relations, Stein
Mart, Inc., +1-904-346-1506, or sedelman@steinmart.com

Web site: http://www.steinmart.com/

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