JACKSONVILLE, Fla., June 1, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Stein Mart, Inc. (Nasdaq: SMRT) today announced that DSW Inc. (NYSE: DSW) will become the exclusive lessee for footwear in all Stein Mart stores at the beginning of 2007.
In making the announcement this morning, Stein Mart president and chief executive officer Michael D. Fisher welcomed DSW and its extensive footwear selection as a natural complement to Stein Mart's fashion presentation. DSW has provided shoes in approximately sixty percent of Stein Mart stores for the past three years.
"We believe DSW's broad offering will provide us with a very comprehensive shoe department," commented Fisher. "DSW has demonstrated that its cohesive fashion assortment resonates with our apparel customer, and we believe the synergy between the two will create more opportunity for both our companies."
The transition to DSW inventory in 102 Stein Mart shoe departments will take place in January 2007. Most of the affected stores are located in Alabama, Arizona, Florida, Louisiana and some parts of Texas.
About DSW Inc.
DSW Inc., headquartered in Columbus, Ohio, is a leading U.S. specialty branded footwear retailer that offers a wide selection of brand name and designer dress, casual and athletic footwear for women and men. DSW currently operates 204 stores in 33 states and also supplies footwear to 240 leased locations (25 for related retailers and 215 for non-related retailers) in the United States. For store locations and additional information about DSW, visit http://www.dswshoes.com.
About Stein Mart
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 262 locations from California to New York, Stein Mart's focused assortment of merchandise features moderate to designer fashion apparel for women and men, as well as accessories, gifts, linens and shoes. For store locations and additional information about Stein Mart, go to http://www.steinmart.com.
SAFE HARBOR STATEMENT>>>>>>>Except for historical information contained herein, the statements in this release may be forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company does not assume any obligation to update or revise any forward-looking statements even if experience or future changes make it clear that projected results expressed or implied will not be realized. Forward-looking statements involve known and unknown risks and uncertainties that may cause Stein Mart's actual results in future periods to differ materially from forecasted or expected results. Those risks include, without limitation:
-changing preferences in apparel -changes in consumer spending due to current events and/or general economic conditions -availability of new store sites at acceptable lease terms -unanticipated weather conditions and unseasonable weather -the effectiveness of advertising, marketing and promotional strategies -on-going competition from other retailers -adequate sources of merchandise at acceptable prices -the Company's ability to attract and retain qualified employees to support planned growth, -ability to successfully implement strategies to exit or improve under- performing stores -disruption of the Company's distribution system -acts of terrorism
and the other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission.
SOURCE Stein Mart, Inc.
Susan Datz Edelman, Director, Stockholder Relations for Stein Mart, +1-904-346-1506
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