Jay Stein has been named as the chief executive officer of off-price fashion retailer Stein Mart, after holding the position for two years on an interim basis.

Stein, who was named interim CEO in September 2011 following the retirement of David Stovall, will continue to serve as chairman of the board - a role he has held since 1989. He previously served as the retailer's CEO from 1990 to September 2001. 

Stein Mart last month reported a 35.6% jump in first-quarter net profit to US$14.7m, driven by fewer markdowns and increased sales, which were up 3.8% to $321.4m.