July 23, 2003                                    For more information:
                                                 Susan Datz Edelman
FOR IMMEDIATE RELEASE                            Director, Stockholder Relations
                                                 (904) 346-1506
                                                 sedelman@steinmart.com

       STEIN MART, INC. COMPLETES $150 MILLION REVOLVING CREDIT AGREEMENT

JACKSONVILLE,  FL - Stein  Mart,  Inc.  (Nasdaq:  SMRT) today  announced  it has
completed a three-year $150 million senior revolving credit agreement to replace
its existing loan facility.
     The new  agreement,  which was  arranged by Wachovia  Bank,  N.A. and Fleet
Retail Finance, Inc., will be used for general corporate purposes, primarily for
seasonal working capital needs. Under the terms of the new agreement, Stein Mart
has the option to  increase  the  facility by an  additional  $25 million and to
extend the terms for an additional year.
     "This new credit facility  provides the Company more  attractive  borrowing
terms and greater  flexibility  than our previous  agreement,"  noted Michael D.
Fisher,  president and chief executive  officer of Stein Mart,  Inc.  "Access to
capital under these advantageous  terms provides us with expanded  opportunities
to maximize productivity."

About Stein Mart
     Stein Mart's 271 stores offer the 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 New York,  Stein
Mart's  focused   assortment  of  merchandise   features  moderate  to  designer
brand-name apparel for women, men and children,  as well as accessories,  gifts,
linens and shoes.

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.   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, but
are not limited to, on-going  competition from other retailers,  availability of
new store sites at acceptable  lease terms,  ability to  successfully  implement
strategies to exit or improve  under-performing  stores, changing preferences in
apparel,  changes in consumer  spending  due to current  events  and/or  general
economic  conditions,  adequate sources of merchandise at acceptable  prices and
the other risks and  uncertainties  described in the  Company's  filing with the
Securities and Exchange Commission.

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