David Stovall, CEO of Jacksonville-based Stein Mart Inc. since 2008, has retired and Chairman Jay Stein was appointed interim CEO effective immediately, the company said Friday.
“On behalf of the board, I want to thank Dave for his service to Stein Mart over the last three years, and in particular, his accomplishments in returning the company to solid profitability,” Stein said in a news release.
Stein Mart announced that it has formed a search committee of the board of directors led by Robert Mettler, who chairs the board’s Strategic Planning Committee.
“We have a wonderful set of strengths that give us a solid foundation for future growth. These include our tremendously loyal customer base, strong financial position, and most of all, a talented management team,” Stein said.
“I am enthusiastic about deepening my engagement with our senior leaders to move forward with our growth initiatives,” Stein said.
Stein Mart stores sell fashion merchandise at prices competitive with off-price retail chains. As of the end of August, it had 260 stores from California to Massachusetts.
Stein Mart, a publicly traded company, focuses its merchandise in current-season, moderate-to-better fashion apparel for women and men, as well as accessories, shoes and home fashions.
The company reported recently that comparable store sales for the four-week period ended Aug. 27 fell 7.5 percent from the year before.
Total sales were $73.9 million, down 8.7 percent from $80.9 million in the same period in 2010.
Year to date, comparable store sales decreased 0.7 percent and total sales decreased 1.6 percent to $647.6 million.
The company operated 264 stores at the same time last year.
For the fiscal year that ended Jan. 29, net income was $48.8 million compared to net income of $23.6 million in 2009.
Operating income increased to $53.1 million from $34.6 million in 2009.
Sales for the fiscal year fell to $1.18 billion, down 3.1 percent from $1.22 billion in 2009. Comparable store sales decreased 1.8 percent.
Founded by Stein’s grandfather just after the turn of the century, Stein Mart said its concept has evolved over time to feature moderate-to-better brand-name apparel for women and men, as well as accessories, gifts, linens and shoes in a depth and assortment that hold appeal for the upscale customer.
The average Stein Mart is 35,000 square feet in size.
Stovall was named president and CEO effective Dec. 5, 2008, at the age of 61. At the time, he had been a Belk Inc. executive for more than 20 years, most recently as chairman of the Belk Central Division in Charlotte, N.C.
At Stein Mart, he succeeded Linda M. Farthing, a longtime Stein Mart board member who had held the president and CEO position since September 2007.
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