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Stein Mart, Inc. Reports 2012 Results, Completion Of Restatement And Plans For 2013

For the fourth quarter, net income was $13.5 million or $0.30 per diluted share compared to net income of $5.9 million or $0.13 per diluted share in 2011.

Comments on Results

"I am extremely proud of our 2012 sales performance which drove outstanding bottom line results. We did this by returning to those things that made this company great, including a compelling merchandise assortment, selectively lowering merchandise prices and controlling regular-price couponing," said Jay Stein, Chief Executive Officer. "We are thankful that the financial restatement is now behind us and we continue to be keenly focused on running the business."

The month of January included an extra week in fiscal 2012, creating a 53-week fiscal year. Total sales for the extra 53 rd week were approximately $15.8 million. Beginning with this release, our reported total sales (including past periods which are restated) include leased shoe department commissions which had previously been included in other income, net. Comparable store sales do not include leased shoe department commissions.

Total sales for the 53-week period ended February 2, 2013 were $1.23 billion, an increase of 4.6 percent over sales of $1.18 billion for the 52-week period ended January 28, 2012. Comparable store sales for the 52-week period ended January 26, 2013 increased 2.7 percent over the 52-week period ended January 28, 2012.

Total sales for the 14-week period ended February 2, 2013 were $368.6 million, an increase of 11.4 percent over sales of $331.0 million for the 13-week period ended January 28, 2012. Comparable store sales for the 13-week period ended January 26, 2013 increased 6.0 percent over the 13-week period ended January 28, 2012.

Gross profit for the year increased $23.0 million to $342.6 million or 27.8 percent of sales from $319.6 million or 27.1 percent of sales in 2011 due to increased sales and an increase in the gross profit rate. The increase in the gross profit rate was the result of lower markdowns resulting from our strategy of reducing coupons applicable to our regular-priced merchandise partially offset by lower markup due to lowering prices on selective merchandise.

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