Stein Mart will expand its presence with the opening of three new stores on March 15. The new stores will be located in Irvine, California (Los Angeles market), Suwanee, Georgia (Atlanta market) and Sunset Hills, Missouri (St. Louis market). The Irvine store is a relocation of another Irvine location. The two new and one relocated store bring Stein Mart’s total store count to 264. Based on positive performance of existing stores in these three markets, Stein Mart is confident that these new stores will thrive. “We are pleased to announce the expansion of our footprint in these three existing markets,” stated Jay Stein, interim chief executive officer of Stein Mart. “Our core customers have more than embraced the Stein Mart concept and through this expansion we further solidify our position as a leading retailer offering brand name fashion at everyday low prices.” Each store will host a pre-grand opening event with proceeds benefitting a local charity in that store’s area. The new stores are located at
13742 Jamboree Road, Irvine, Calif. (in The Market Place II)
3630 Peachtree Parkway, Suwanee, Ga. (in the Johns Creek Town Center)
10990 Sunset Hills Plaza, Sunset Hills, Mo. (in The Plaza at Sunset Hills)
About Stein Mart, Inc. (NASDAQ: SMRT): 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 Massachusetts, 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. For more information on Stein Mart or to find your nearest location, please visit www.steinmart.com.
Shareholders of Stein Mart, Inc. looking to boost their income beyond the stock's 1.9% annualized dividend yield can sell the March covered call at the $17.50 strike and collect the premium based on the 45 cents bid, which annualizes to an additional 29.9% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 31.9% annualized rate in the scenario where the stock is not called away.