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Saks posts November comparable store sales
06
Dec '08
Retailer Saks Incorporated announced that owned sales totaled $332.9 million for the four weeks ended November 29, 2008 compared to $347.6 million for the four weeks ended December 1, 2007, a 4.2% decrease. Comparable store sales decreased 5.2% for the month.

On a year-to-date basis, for the ten months ended November 29, 2008, owned sales totaled $2,543.4 million compared to $2,611.2 million for the prior year ten-month period ended December 1, 2007, a 2.6% decrease. Comparable store sales decreased 2.6% for the ten-month period.

In the prior year, comparable store sales increased 25.7% and 14.5% for the fiscal November and ten-month periods, respectively.

For November, the strongest businesses and categories at Saks Fifth Avenue were women's designer apparel, handbags, women's and men's shoes, men's contemporary apparel, and Saks Direct. The weakest categories at Saks Fifth Avenue for November were women's bridge, petite, and Salon Z (large size) apparel; women's outerwear; men's accessories; jewelry; fragrances and cosmetics; and intimate apparel.

The Company continues to face very challenging macroeconomic and retail conditions. November 2008 sales were also negatively affected by the retail calendar shift, with seven fewer post-Thanksgiving shopping days than last year. This was partially offset by sales generated from an increased level of promotional activity and markdowns in November. Customers continued to shift purchases from regular price to promotional and clearance priced merchandise. Based on the current level of consumer demand, the increased promotional environment, and the Company's permanent markdown cadence cycle, the Company continues to expect a significant year-over-year decrease in the gross margin rate for the fourth quarter.

Saks Incorporated currently operates Saks Fifth Avenue, which consists of 53 Saks Fifth Avenue stores, 51 Saks OFF 5TH stores, and saks.com. The Company also operates Club Libby Lu specialty stores.

Saks Incorporated


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