(Filed Under Financial and General Interest News). Despite recent announcements that it will close three stores this July, Saks Incorporated’s sales remained steady during the first quarter ended May 1, 2010.
The company cited a 6.1 percent increase in comparable store sales. Net sales increased 6.9 percent, to $667.4 million from $624.3 million. Store sales at the New York City flagship continued to exceed the company’s aggregate comparable store sales performance. Saks Direct posted a comparable store increase of approximately 33 percent.
“I am very pleased with our first quarter operating performance,” Stephen I. Sadove, chairman and chief executive officer of the company, said. “These results exceeded our expectations and were driven by comparable store sales growth, gross margin expansion and expense leverage. The Saks team has carefully navigated through the challenging environment, and we are now moving cautiously from defense to offense.”
Saks Incorporated currently operates 53 Saks Fifth Avenue stores and 55 OFF 5TH stores.
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