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Stein Mart, Inc. Reports March 2013 Sales

JACKSONVILLE, Fla., April 11, 2013 (GLOBE NEWSWIRE) -- Stein Mart, Inc. (Nasdaq:SMRT) today reported sales and comparable store sales for the five-week period ended April 6, 2013.

As a reminder, the extra 53 rd week in fiscal 2012 created a timing shift for fiscal 2013, resulting in a one-week difference between our fiscal reporting and comparable store sales reporting periods. The table below shows total sales for the period ended April 6, 2013 compared to the period ended March 31, 2012, while comparable store sales measures the period ended April 6, 2013 against the respective period ending April 7, 2012.
      Percent Change
  Total Sales (in millions) Total Sales Comparable Store Sales
Fiscal period  2013 2012 2013 2013 2012
March (4 weeks) $133.0 $127.5 4.3% -2.8% -0.3%
Quarter-to-date (9 weeks) $218.2 $208.1 4.8% -1.5% 0.1%

Linens, men's furnishings, gifts and ladies' career sportswear posted the strongest sales for the month, while dresses, ladies' special sizes and men's sportswear were more challenged. Geographically, March sales were strongest in the West, Texas and Florida, while the Midwest, Northeast and most Eastern states were weaker.

"March sales were adversely impacted by much colder weather compared to last year and, of course, the lost selling day due to the earlier Easter which represents nearly two percentage points of the comp sales decrease. Our comparable store sales were positive until the last week of the month when the anticipated lower post-Easter selling occurred," said Jay Stein, Interim Chief Executive Officer. "This year, more than ever, it will be important to combine March and April sales results to get a true picture of our spring selling season due to this year's Easter calendar shift."

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