Home / Knowledge / News / Fashion / Retailer Saks follows others in falling trend of sales
Retailer Saks follows others in falling trend of sales
07
Nov '08
Retailer Saks Incorporated announced that owned sales totaled $219.0 million for the four weeks ended November 1, 2008 compared to $269.1 million for the four weeks ended November 3, 2007, an 18.6% decrease. Comparable store sales decreased 16.6% for the month.

For the third quarter ended November 1, 2008, owned sales totaled $692.7 million compared to $790.0 million for the prior year third quarter ended November 3, 2007, a 12.3% decrease. Comparable store sales decreased 11.5% for the third quarter.

On a year-to-date basis, for the nine months ended November 1, 2008, owned sales totaled $2,210.5 million compared to $2,263.6 million for the prior year nine-month period ended November 3, 2007, a 2.3% decrease. Comparable store sales decreased 2.2% for the nine-month period.

In the prior year, comparable store sales increased 10.6%, 11.4% and 13.0% for the fiscal October, third quarter, and nine-month periods, respectively.

For October, the strongest businesses and categories at Saks Fifth Avenue were Saks Direct, men's shoes, men's contemporary apparel, fragrances, cosmetics, and women's outerwear. The weakest categories at Saks Fifth Avenue for October were women's apparel, men's clothing, jewelry, and handbags.

Sales during the fiscal quarter were well below management's original expectations. Third quarter year-over-year promotional activity increased, and consumers shifted purchases from regular price to promotional priced merchandise.

The current economic and operating environment is extremely challenging and management expects a continuation of current conditions through the fiscal fourth quarter. Based on the current level of consumer demand, the increased promotional environment and the Company's permanent markdown cadence cycle, the Company expects a significant year-over-year decrease in the gross margin rate for the third and fourth quarters.

Saks Incorporated currently operates Saks Fifth Avenue, which consists of 53 Saks Fifth Avenue stores, 49 Saks Off 5th stores, and saks.com. The Company also operates Club Libby Lu specialty stores.

Saks Incorporated


Must ReadView All

EU renews GSP+ scheme for Pakistan 2 years

Apparel/Garments | On 24th Feb 2018

EU renews GSP+ scheme for Pakistan 2 years

Pakistani exporters can enjoy preferential duties on exports to the...

Surat wary of e-way bills

Textiles | On 24th Feb 2018

Surat wary of e-way bills

There is no respite for Surat’s textile manufacturers and retailers....

Retailers choose sides in Alibaba-Tencent battle in China

Apparel/Garments | On 24th Feb 2018

Retailers choose sides in Alibaba-Tencent battle in China

Two big Chinese firms— Alibaba Group Holding Ltd and Tencent Holdings ...

Interviews View All

Top executives
Textile industry, India

The event should be organised every year

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search