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current news

Saks 4q Comp. Sales -4.8%

(Filed Under Financial and General Interest News). During the fourth quarter ended January 30, 2010, Saks Incorporated cited a comparable store sales decline of 4.8 percent, in line with the company’s expectations. During the full year ended January 30th, 2010, comparable store sales fell 14.7 percent.

According to the company, Saks Fifth Avenue stores showed relative strength in categories including women’s designer sportswear and shoes. Sales trends were better in the New York City flagship store than the company’s aggregate comparable store sales performance, which the company called a meaningful improvement from trends earlier in 2009.

Saks Direct posted an increase of approximately 23 percent during the fourth quarter and approximately 13 percent during the full year. Stephen I. Sadove, chairman and chief executive officer of the company, remarked: “We continued to grow the Saks Direct business [during 2009] by increasing the breadth and depth of our product offerings, further enhancing the service experience and website functionality, and launching international shipping and Fashion Fix.”

Saks Incorporated currently operates 53 Saks Fifth Avenue and 55 Off 5th stores. For further information, call Julia Bentley with the company: (865) 981-6243.

more Financial and General Interest News >>

Published 02-24-2010 by Amanda Torres Price

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