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current news

Saks Store Sales Drop 15.5%

(Filed Under Financial and General Interest News). Saks Incorporated cited a comparable store sales decline of 15.5 percent during the second quarter ended August 1st, 2009, which the company reported was in-line with its expectations. According to Saks, comparable store sales were partially offset from the shift a spring season clearance event from the first quarter last year to the second quarter this year. Excluding this shift, the company estimated that comparable store sales would have declined approximately 18.5 percent. For the six months ended August 1st, 2009, comparable store sales dropped 22.4 percent.

During the quarter, Saks Fifth Avenue stores continued to experience weakness across all merchandise categories and geographies, with the sales decline in the company’s New York City flagship continuing to be higher than its aggregate comparable store sales decline. Saks Direct cited an approximate increase of 14 percent in sales and an approximate 3 percent decrease on a year-to-date basis, compared to approximate increases of 30 percent in last year’s quarter.

Saks currently operates 53 Saks Fifth Avenue stores, 54 Off-5th stores and

more Financial and General Interest News >>

Published 08-18-2009 by Amanda Torres Price

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