(Filed Under Financial and General Interest News). For the first quarter ended May 2, 2009, Saks Incorporated reported total sales of $621.3 million compared with $850 million during last year’s first quarter, with comparable store sales declining by 27 percent.
As in the recent fourth quarter, the sales decline was higher in the New York flagship store than the company’s aggregate comparable sales decline. Saks Direct experienced a 14.6 percent comparable store sales decline versus an increase of more than 40 percent last year.
Saks’ operating income decreased to $2.2 million from $42.6 million at end of last year’s period, which the company attributed primarily to the sales decline.
The company released projections for the full fiscal year of a comparable store sales decline in the low double digits.
Saks Incorporated currently operates 53 Saks Fifth Avenue stores, 52 OFF 5TH stores, and saks.com.see more
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