Is Saks (SKS) Still Reeling from Superstorm Sandy?

November 12, 2012 10:26 AM EST Send to a Friend
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Price: $15.99 --0%

Rating Summary:
    1 Buy, 9 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 38 | New: 13
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Analysts at Deutsche Bank noted Monday that upscale retailer Saks Inc. (NYSE: SKS) extended a promotion to its SaksFirst members for an additional 11 days. This suggests sales trends in early November may still be soft post Hurricane Sandy, the analyst said.

According to the analyst:
Specifically, last week, SKS ran a triple points event from 11/5-11/9 in conjunction with its Sneak Peak 40% Off Designer Sale. However, on Saturday it was announced the event was extended through November 20th, taking triple points from a planned 5 day event to a 16 day promotion. Of note, Saks may have been particularly hard hit by Hurricane Sandy with 21% of its stores and an estimated 40% of its sales in the region (NY flagship ~20% of total company sales). With that said, we found it intriguing that the aforementioned promotion was held chain wide and NOT just in the Northeast/Mid-Atlantic.

The firm reiterated their Hold rating and price target of $10.00 on SKS.

For an analyst ratings summary and ratings history on Saks Inc. click here. For more ratings news on Saks Inc. click here.

Shares of Saks Inc. closed at $10.05 yesterday.

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