Exhibit 99.1

1200 RIVERPLACE BOULEVARD — JACKSONVILLE, FL 32207-1809 — (904) 346-1500

STEIN MART, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2011 RESULTS AND PLANS FOR 2012

JACKSONVILLE, FL – Stein Mart, Inc. (Nasdaq: SMRT) today announced financial results for the fourth quarter and fiscal year ended January 28, 2012.

Overview of Results

Net income for the fourth quarter was $5.7 million or $0.13 per diluted share compared to net income of $18.8 million or $0.42 per diluted share in 2010. Fourth quarter net income as adjusted was $6.8 million or $0.15 per diluted share compared to $11.3 million or $0.25 per diluted share in 2010. See “Results as Adjusted” for information on “as adjusted” amounts for 2011 and 2010.

For the year, net income was $19.8 million or $0.44 per diluted share compared to net income of $48.8 million or $1.08 per diluted share in 2010. Net income as adjusted was $20.0 million or $0.44 per diluted share compared to $29.6 million or $0.66 per diluted share in 2010.

Comments on Results

“Sales results drove our fourth quarter and full year bottom line lower than last year. While we were disappointed, we are determined to return to the everyday low prices that built this company,” said Jay Stein, interim chief executive officer of Stein Mart, Inc. “We were conservative in planning our January receipts. This leaves us in a slightly better inventory position as we enter 2012 but unfortunately impacted our end of year sales.”

“We all realize our long-term success continues to be dependent on profitably growing our sales,” added Stein. “We are working hard to find the right promotional balance with our efforts to reduce reliance on coupons to drive store traffic.”

Sales for the fourth quarter were $328.1 million, a decrease of 2.5 percent from $336.7 million in 2010. Comparable store sales decreased 2.2 percent for the fourth quarter 2011. For the year, sales were $1,160.4 million, a decrease of 1.8 percent from $1,181.5 million in 2010. Comparable store sales decreased 1.1 percent for the fiscal year 2011.

Operating income for the fourth quarter was $9.0 million compared to $16.0 million in 2010. Operating income as adjusted decreased to $10.6 million from $18.3 million in 2010. The decrease in operating income as adjusted is primarily the result of lower gross profit caused by lower sales and a lower gross profit rate. The decrease in the gross profit rate is due to higher occupancy and buying costs and the negative leverage of lower sales offset somewhat by lower markdowns. Excluding asset impairment and store closing charges, selling, general and administrative expenses (SG&A) as adjusted for the fourth quarter of 2011 were $76.2 million, an increase of 2.4 percent from $74.4 million in 2010.

For the year, operating income was $32.3 million compared to $53.5 million in 2010. Operating income as adjusted decreased to $32.6 million from $48.1 million in 2010. The decrease in operating income is primarily the result of lower gross profit caused by lower sales and a lower gross profit rate. The decrease in the gross profit rate is due to higher occupancy and buying costs as well as the negative leverage from lower sales. Excluding impairment and store closing charges, SG&A as adjusted was $286.8 million, an increase of 1.0 percent from $283.9 million in 2010.

The effective tax rate (ETR) in the fourth quarter and fiscal year 2011 was 35.9 percent and 38.0 percent, respectively, as we returned to a normalized tax rate in 2011. The 2010 tax provision was favorably impacted by the reversal of our deferred tax valuation allowance in the fourth quarter.

Results as Adjusted

Results for the fiscal years 2011 and 2010 and fourth quarter of 2010 include items that impact the comparability of financial performance. These items are detailed in the non-GAAP reconciliation table included in the financial statements section of this release.

Asset impairment and store closing charges were $1.6 million ($0.02 per diluted share) and $2.3 million ($0.03 per diluted share) for the fourth quarters of 2011 and 2010, respectively. These charges were $2.3 million ($0.03 per diluted share) and $3.1 million ($0.06 per diluted share) for fiscal years 2011 and 2010, respectively. Excluding these charges, fourth quarter net income for 2011 was $6.8 million or $0.15 per diluted share.

Results for 2011 include a first quarter pretax gain of $2.0 million ($1.2 million after tax or $0.03 per diluted share) to correct an error in the Company’s credit card reward liability that is recorded as part of Other income. Excluding asset impairment and store closing charges and this gain, net income as adjusted was $20.0 million or $0.44 per diluted share.

Results for fiscal year 2010 include a net pre-tax gain of $8.5 million consisting of a $9.7 million gain to recognize cumulative breakage on unused gift and merchandise return cards (reported in Other income) and an offsetting charge of $1.2 million associated with changing the physical inventory process (reported in SG&A expenses). These items, which were recorded in the second quarter, positively impacted earnings per share by $0.15. Adjusted results for 2010 exclude asset impairment and store closing charges and this net gain.

The ETR was lower in 2010 than 2011 due to the impact of favorable changes in book/tax differences on the deferred tax valuation allowance and the fourth quarter 2010 reversal of the remaining valuation allowance. Adjusted 2010 net income and diluted earnings per share use the 2011 normalized ETR of 38.0 percent for both the year and fourth quarter. Adjusted 2010 full year net income using the 2011 ETR was $29.6 million or $0.66 per diluted share. Adjusted 2010 fourth quarter net income using the 2011 ETR was $11.3 million or $0.25 per diluted share.

Balance Sheet Highlights

Cash at year end 2011 was $98.6 million compared to $80.2 million in 2010. The Company has no debt and had no borrowings under its credit facility during 2011 or 2010.

Inventories were $220.8 million at year-end 2011 compared to $232.3 million at the end of 2010. The decrease of $11.5 million resulted from tight year-end control over receipts.

Capital expenditures were $43 million for 2011 driven by continuing investment in our information systems as well as new, relocated and remodeled stores.

Share Buyback

During the fourth quarter of 2011 the Company repurchased 0.3 million shares at a cost of $1.9 million. For the year, repurchases totaled 1.7 million shares at a cost of $12.1 million. The Company has 1.5 million shares remaining on the current repurchase authorization.

Store Network

Three new stores were opened, five were closed and four were relocated in 2011. The company operated 262 Stein Mart stores at year-end compared to 264 at the end of 2010.

2012 Plans

“We know that our future success will be driven by our top line and that this is in turn driven by both attracting a broader customer base and by having our current, loyal customers spend more with us,” commented Stein. “While sales is our most important focus, we continue to rigorously control costs and inventory levels. This will allow increasing sales to leverage to our bottom line.”

The Company’s gross profit rate in 2012 is expected to be lower than 2011 as it is impacted by our pricing strategy and coupon reduction efforts to drive long-term sales growth as well as inflationary occupancy cost increases.

SG&A expenses excluding depreciation grew slightly in 2011 after significant reductions in 2009 and 2010. With significant expense savings opportunities already realized, the Company is anticipating inflation-driven SG&A growth of one to two percent in 2012.

The Company expects the following factors to influence its business in 2012:

Filing of Form 10-K

Reported results are preliminary and not final until the filing of Form 10-K with the SEC, and therefore remain subject to adjustment.

Conference Call

A conference call for investment analysts to discuss the Company’s fourth quarter and fiscal year 2011 results will be held at 10 a.m. ET today, Thursday, March 8, 2012. The call may be heard on the investor relations portion of the Company’s website at http://ir.steinmart.com. A replay of the conference call will be available on the website through March 31, 2012.

Investor Presentation

Stein Mart’s fourth quarter 2011 investor presentation has been posted to the investor relations portion of the Company’s website at http://ir.steinmart.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 locations from California to Massachusetts, Stein Mart’s focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, shoes and home fashions.

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:

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Additional information about Stein Mart, Inc. can be found at www.steinmart.com

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Consolidated Balance Sheets

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Consolidated Statements of Income

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Consolidated Statements of Cash Flows

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SEC Regulation G – We report our consolidated financial results in accordance with generally accepted accounting principles (GAAP). However, to supplement these consolidated financial results, management believes that certain non-GAAP operating results, which exclude asset impairment and store closing charges, certain breakage gains, a charge associated with changing our physical inventory process and significant tax provision impacts, including the reversal of a valuation allowance for deferred tax assets, may provide a more meaningful measure on which to compare our results of operations between periods. We believe these non-GAAP results provide useful information to both management and investors by excluding certain charges that impact the comparability of the results. A reconciliation of 2011 and 2010 fourth quarter and total year operating income, net income and diluted EPS on a GAAP basis to adjusted operating income, net income and diluted EPS (non-GAAP basis) are presented in the table below.

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Reconciliation of Operating and Net Income and Diluted EPS (GAAP Basis)

to Adjusted Operating and Net Income and Diluted EPS (Non-GAAP Basis)

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