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STEIN MART REPORTS IMPROVEMENT IN NET SALES AND OPERATING RESULTS IN FIRST QUARTER

 STEIN MART REPORTS IMPROVEMENT IN NET SALES
 AND OPERATING RESULTS IN FIRST QUARTER
 JACKSONVILLE, Fla., May 1, /PRNewswire/ -- Stein Mart, Inc. (NASDAQ: SMRT) today announced results for its first quarter ended March 28, 1992.
 Net sales for the first quarter ended March 28, 1992, increased 10.5 percent to $46.3 million compared with net sales of $41.9 million a year ago. Comparable store sales for the quarter rose 1.9 percent over the first quarter of 1991. The company reported improved income from operations for the quarter, a loss of $1.0 million compared with a loss of $1.2 million in the year-earlier period. After a positive variance of interest expense for the quarter, the loss before taxes was $1.3 million compared to a loss before taxes of $1.9 million for the year earlier period. The first quarter in 1992 did not include the Easter selling season, whereas the first quarter in 1991 had Easter sales. Like many other retailers, the company typically experiences a loss during the first quarter, the slowest selling season of the year.
 Commenting on the first quarter results, Jay Stein, chairman and CEO, said, "We are very pleased to report substantial improvements in net sales and operating profitability in the first quarter. During the first quarter in 1992, we still were able to improve sales productivity and record higher operating results than the first quarter in 1991 which included the Easter selling season. Through April, the positive trends have continued, reflecting the successful execution of our merchandise strategy and the customer acceptance of our value-based concept. Our strategy is to offer a focused assortment of moderate to designer brand name apparel at a discount of approximately 25 percent to 60 percent below prices typically charged by traditional department and fine specialty stores."
 Stein Mart completed an offering of 3,250,000 shares of common stock at $13.00 a share on April 22, 1992.
 Headquartered in Jacksonville, Fla., Stein Mart is a 47-store retail chain offering fashionable, current-season, primarily branded merchandise. The company's stores are located in 15 states. Stein Mart's shares are traded through NASDAQ under the symbol SMRT.
 STEIN MART, INC
 BALANCE SHEETS
 (UNAUDITED)
 (IN THOUSANDS)
 3/28/92 3/30/91
 ASSETS
 Current assets:
 Cash and cash equivalents $3,399 $4,128
 Trade and other receivables 1,045 1,683
 Inventories 55,625 48,750
 Prepaid expenses and
 other current assets 2,098 709
 Total current assets 62,167 55,270
 Property and equipment, net 15,106 14,676
 Other assets 1,049 926
 Total Assets $78,322 $70,872
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $19,678 $13,898
 Accrued liabilities 4,739 4,412
 Current portion of notes
 payable to banks 1,429 1,429
 Total current liabilities 25,846 19,739
 Notes payable to banks, less
 current portion 22,564 28,966
 Deferred income taxes 56 57
 Total liabilities 48,466 48,762
 Stockholders' equity:
 Capital stock 118 118
 Paid in capital 880 880
 Retained earnings 28,858 21,112
 Total stockholders' equity 29,856 22,110
 Total liabilities and
 stockholders' equity $78,322 $70,872
 STATEMENT OF INCOME
 (Unaudited)
 (In Thousands Except for Per Share Amounts)
 13 Weeks Ending
 3/28/92 3/30/91
 Net Sales $46,295 $41,888
 Costs of Merchandise Sold 35,662 32,882
 Gross Profit 10,633 9,006
 Selling, General and
 Administrative Expenses 12,222 10,687
 Other Income, Net 583 489
 Income From Operations (1,006) (1,192)
 Interest Expense 341 675
 Income (Loss) Before Taxes $(1,347) $(1,867)
 Pro forma Data:
 Income (Loss) Before Income Taxes $(1,347) $(1,867)
 Pro forma Provision for Income Taxes 509 706
 Pro forma Net Income (Loss) $(838) $(1,161)
 Pro forma Net Income (Loss)
 Per Common Share $(0.07) $(0.10)
 Weighted Average
 Shares Outstanding (000) 12,161 12,161
 Pro forma information reflects income tax expense as if the company had been subject to federal and state income taxes.
 -0- 5/1/92
 /CONTACT: John H. Williams of Stein Mart, Inc., 904-346-1502/
 (SMRT) CO: Stein Mart, Inc. ST: Florida IN: REA SU: ERN


SS-AW -- FL005 -- 5364 05/01/92 10:04 EDT
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Date:May 1, 1992
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