Saks (SKS) Reports Decline in Same-Store Sales
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Saks Incorporated (NYSE: SKS) announced that owned sales totaled $200.5 million for the four weeks ended August 30, 2008 compared to $213.5 million for the four weeks ended September 1, 2007, a 6.1% decrease. Comparable store sales decreased 5.9% for the period. Comparable store sales increased 18.2% in fiscal August 2007.
On a year-to-date basis, for the seven months ended August 30, 2008, owned sales totaled $1,718.4 million compared to $1,687.2 million for the prior year seven-month period ended September 1, 2007, a 1.8% increase. Comparable store sales increased 1.6% for the seven-month period.
For August, the strongest categories at Saks Fifth Avenue were fashion jewelry, fragrances, men’s sportswear, and men’s shoes. The weakest categories at Saks Fifth Avenue for August were women’s apparel, women’s shoes, and intimate apparel.[SM]
On a year-to-date basis, for the seven months ended August 30, 2008, owned sales totaled $1,718.4 million compared to $1,687.2 million for the prior year seven-month period ended September 1, 2007, a 1.8% increase. Comparable store sales increased 1.6% for the seven-month period.
For August, the strongest categories at Saks Fifth Avenue were fashion jewelry, fragrances, men’s sportswear, and men’s shoes. The weakest categories at Saks Fifth Avenue for August were women’s apparel, women’s shoes, and intimate apparel.[SM]
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