Stein Mart April Comps Jump 6.7% on 4.5% Sales Increase

Stein Mart announced net sales and comparable store sales for the fiscal period ended May 1, 2004, as follows (dollars in millions):

                                          Total Sales     Percent Change

  Fiscal Period:                                          Total  Comparable
                                          2004    2003    Sales  Store Sales
  April (4 weeks)                       $112.5  $107.7     4.5%     6.7%
  First quarter/year to date (13 weeks) $363.6  $328.2    10.8%    11.8%

The best performing divisions for April were Ladies' casual sportswear, Ladies' accessories and Boutique sportswear. Geographically, sales were positive in every region, with the strongest performances in Southern California, South Florida, the Ohio Valley and the Mid-Atlantic.

“Sales of apparel and apparel-related categories remained strong throughout April, even with fewer days in the pre-Easter selling period as compared to last year,” commented Michael D. Fisher, president and chief executive officer of Stein Mart, Inc. “Comparable store sales exceeded our expectations and we now expect earnings per share of approximately $0.27 for the first quarter.”

There were 258 stores in operation at the end of April, as compared to 270 stores at the same time last year.