Stein Mart May Comps Jump 11.1%

Stein Mart net sales and comparable store sales for the fiscal period ended May 29, 2004, as follows (dollars in millions):

                               Total Sales             Percent Change
  Fiscal Period:                                   Total       Comparable
                              2004      2003       Sales       Store Sales
  May (4 weeks)              $114.8    $108.2       6.2%         11.1%
  Year to date(17 weeks)     $479.4    $438.7       9.3%         11.7%

The best performing divisions for May were Ladies' and Men's casual sportswear, and Ladies' accessories. Geographically, sales were strongly positive in every region.

“Sales accelerated through May, exceeding our expectations from mid-month through Memorial Day,” noted Michael D. Fisher, president and chief executive officer of Stein Mart, Inc. “We now expect strong sales momentum to continue through June, with July comparable store sales returning to a mid-single digit increase as seasonal clearance becomes a stronger influence.”

Management now estimates that comparable store sales will increase approximately 8-10 percent for the second quarter, which would produce earnings of approximately $0.08 – $0.10 per share.