Department store retailer Saks reports May sales slip 2.7%

03 Jun '05
2 min read

Luxury goods retailer Saks Incorporated announced the for the four weeks ended May 28, 2005 compared to the four weeks ended May 29, 2004, total sales decreased 2.7% and comparable store sales decreased 1.2% on a total company basis.

By segment, comparable store sales decreased 2.6% for SDSG and increased 0.8% for SFAE for the month. Sales below are in millions and represent sales from owned departments only.

For the four weeks ended May 28, 2005 compared to the four weeks ended May 29, 2004, owned sales were:

Saks Incorporated operates Saks Fifth Avenue Enterprises (SFAE), which consists of 57 Saks Fifth Avenue stores, 52 Saks Off 5th stores, and saks.com. The Company also operates its Saks Department Store Group (SDSG) with 232 department stores under the names of Parisian, Proffitt's, McRae's, Younkers, Herberger's, Carson Pirie Scott, Bergner's, and Boston Store and 47 Club Libby Lu specialty stores.

On April 29, 2005, the Company announced that it had entered into an agreement to sell 22 Proffitt's stores and 25 McRae's stores to Belk, Inc. The sale is subject to various closing conditions, including the expiration or termination of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act. The Company expects to complete the sale in the second quartarter of 2005.

Saks Incorporated

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