Earnings also fell, coming in at $21.1 million, compared to $22.8 million during the previous year's Q4. However, earnings were better than expected due to the retailer's inventory shrinkage program and insurance gained from losses during the past year's hurricane season.

This year's first quarter is also expected to be "less robust than last year's," says Michael Fisher, the company's president and chief executive officer. Management is predicting a 1% to 2% same-store sales drop for the period; however, a gain of 3% is forecast for the entire year.

This year Stein Mart executives plan to open 20 new units, up from seven last year. Three are planned to open during the first quarter, with the rest opening in the third quarter. A majority of the new stores will open in existing markets, but a few new locales, such as Queens, NY, are in the works. Additionally, the mass-merchandise retailer plans to close eight under-performing units this year.