Significant improvement in Saks operating performance

17 Aug '11

4 min read

"Our 15.5% second quarter comparable store sales increase exceeded our expectations as we experienced strength throughout the quarter." Comparable store sales grew 12.7% for the six months.

In the Saks Fifth Avenue stores, numerous merchandise categories showed strength during the quarter, including women's apparel, women's shoes, men's apparel, and men's accessories. The New York City flagship store sales performance was in line with the Company's aggregate comparable store sales performance during the quarter.

Saks Direct posted approximate 50% and 36% comparable store sales increases for the second quarter and six months, respectively. OFF 5TH's comparable store sales performance was below the Company's aggregate comparable store sales performance for both the quarter and six months.

For the second quarter, the gross margin rate was 38.0%, a 70 basis point improvement over last year's second quarter rate of 37.3%, principally resulting from increased full-price selling. For the six month period, the gross margin rate also improved 70 basis points from 40.4% last year to 41.1% in the current year.

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