(Filed Under Financial and General Interest News). For the second quarter of 2011, Saks Inc. reported a net loss of $8.4 million, or five cents a share, compared with a net loss of $32.2 million, or 21 cents a share, in the comparable period last year.
The company reported that more items were sold at full price during the quarter, including women’s and men’s apparel, women’s shoes and men’s accessories. The first half of 2011 has seen a net income of $20 million, led by 50 percent growth in online sales during the second quarter.
"I am very pleased with the significant improvement in our operating performance for the second quarter and six months ended July 30, 2011," said Saks chairman and chief executive officer Stephen I. Sadove. "Our 15.5 percent second quarter comparable store sales increase exceeded our expectations as we experienced strength throughout the quarter."
The company currently operates over 100 Saks Fifth Avenue and Off 5th stores as well as Saks.com.
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