Stein Mart (SMRT) Comps Down 2% in December 2009

Stein Mart, Inc. (NASDAQ: SMRT) today reported total sales and comparable store sales for the fiscal period(s) ended January 2, 2010.

• December sales were down 4.4%, and comps were down 2%
  
  
• QTD sales were down 6.3%, and comps were down 4.1%.
  
  
• YTD sales were down 8.3%, and comps were down 6.8%.

Ladies' casual sportswear, ladies' accessories, and the home area posted positive comparisons during December, while the most difficult business was ladies' career fashion. The Company's stores in the Mid-West had the strongest sales performances during the month, while those along the Gulf Coast and in the Mid-Atlantic were weaker, particularly where severe winter weather occurred.

"Although December started slowly, we were pleased with the acceleration of business as we approached Christmas, even with the adverse weather in certain markets the weekend before the holiday," noted David H. Stovall, Jr., president and chief executive officer of Stein Mart, Inc.

There were 267 stores in operation at January 2, 2010 as compared to 278 at the same time last year.

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