Saks Direct & Off 5th performs well in Jan

08 Feb '08

2 min read

Retailer Saks Incorporated announced that January 2008 comparable store sales increased 4.1% over the prior year. Fiscal fourth quarter comparable store sales increased 9.0% over the prior year, which was consistent with management's previously disclosed expectation of a high-single digit increase.

For the current year, the January, fourth quarter, and fiscal year periods ended February 2, 2008 and included 4 weeks, 13 weeks, and 52 weeks, respectively. For the prior year, the January, fourth quarter, and fiscal year periods ended February 3, 2007 and included 5 weeks, 14 weeks, and 53 weeks, respectively.

Comparable store sales numbers below are based on comparisons of the 4 weeks, 13 weeks, and 52 weeks ended February 2, 2008 with the 4 weeks, 13 weeks, and 52 weeks ended January 27, 2007. (The prior year January period included an extra week, creating a 53-week fiscal year that occurs every six years in the accounting cycle for many retailers.) Sales below are in millions and represent owned departments only.

For January, the strongest categories at Saks Fifth Avenue were jewelry, women's designer and "gold range" apparel, women's eveningwear, men's accessories and shoes, and cosmetics. The weakest categories at Saks Fifth Avenue for January were women's modern collections, women's contemporary sportswear, outerwear, men's contemporary apparel, and women's soft accessories. Saks Direct and Off 5th performed well for the month.

The Company continues to experience a more challenging macroeconomic and competitive environment, and consistent with trends commencing in the third quarter, customers have continued to shift more of their spending to promotional events.

Saks Incorporated

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