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Saks Inc provides updates on special dividend

Mar '06
Retailer Saks Incorporated provided additional information regarding the previously declared $4 per share dividend.

On March 6, 2006, the Company declared a special cash dividend of $4 per share.

The special dividend will be payable on May 1, 2006 to shareholders of record as of April 14, 2006.

Because of the magnitude of the special cash dividend, the New York Stock Exchange has determined that the ex-dividend date will be May 2, 2006, the business day following the payable date for the special cash dividend.

Shareholders of record on the April 14, 2006 record date who subsequently sell their shares of common stock prior to May 2, 2006 will also be selling their right to receive the special cash dividend.

Investors are encouraged to consult with their financial advisors regarding the specific implications of the deferral of the ex-dividend date.

The Company is currently making the determination of whether the $4 per share special cash dividend is expected to be taxable to shareholders at the dividend tax rate or will include any return of capital to shareholders. Once this determination is made, the Company will make appropriate public disclosure.

Shareholders are encouraged to consult with their financial advisors regarding the circumstances of their individual tax situation.

Saks Incorporated operates Saks Fifth Avenue Enterprises (SFAE), which consists of 55 Saks Fifth Avenue stores, 50 Saks Off 5th stores, and saks.com.

The Company also operates 39 Parisian stores and 57 Club Libby Lu specialty stores.

On January 9, 2006, the Company announced it is exploring strategic alternatives for Parisian.

Saks Incorporated

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