The die is progressive, not the press.
As the press cycles the material is fed from one stage of the die to the next.
Even fairly simple parts are often stamped this way.
You get better control of the final part and it lowers the stresses on the tooling.
First hit bends it a little bit, second hit bends it a little bit more, third hit (perhaps) folds an edge over in a way that you couldn't possibly do without having first done the previous pre-bending stages, fourth hit (perhaps) knocks a couple holes in it, fifth hit (perhaps) knocks it to the correct outside shape and frees it from the surrounding scrap. Or something like that. Could be as many or as few hits as it takes to get the job done.
A customer of mine makes big stampings for the automotive industry, and they've got a progressive line that uses 7 complete separate mechanical stamping presses, each with a different die set, to get the part into the correct shape through 7 successive hits.
Or if you are making little sheet metal brackets or tabs, you could have all stages in succession in tooling within the same press - the feeder just feeds the material through by indexing it the exact pitch distance between stages in the tooling.