Stein Mart names a new CEO

Stein Mart has named a new CEO just a week after a tough fourth quarter in which the retailer posted a decline in profit.



The Florida-based company says it has appointed Dawn Robertson as CEO and a member of the board of directors. Robertson will also have the responsibilities of chief merchant for the foreseeable future, the company said. She succeeds Jay Stein, the company's founder and long standing CEO, who had advised the board of his desire to step back from that position but remain Stein Mart's chairman of the board.



"Dawn brings with her over 25 years' executive management experience at major retailers and department stores," said Jay Stein. "With her leadership and industry knowledge, she will help us build on our growth initiatives and bring a fresh focus to our company and merchandising organization that will benefit us immensely."



Over the past decade, Robertson was the chief executive officer or president of several retail companies, including UNKNWN, Deb Shops, Nygard International and The Avenue. She has also held various executive positions at Old Navy, Myer Stores, Federated Department Stores, Saks and May Department Stores.



In the fourth quarter, profits at Stein Mart were cut in half as the company relied on heavy promotional activity to clear inventory and eke out a 1% same-store sales increase. Sales at Jacksonville-based Stein Mart’s 278 stores and website increased 1.8% to $394 million in fourth quarter ended Jan. 30, thanks largely to the addition last year of 10 new stores. Full year sales increased 3.2% to nearly $1.4 billion. The 1% increase in fourth quarter and full year same-store sales was due almost entirely to e-commerce sales, which grew by 70% from the same periods the prior year.



Stein Mart has 283 locations from California to Massachusetts, as well as Steinmart.com.