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Saks Comparable store sales go up by 4% for 5-month period
14
Jul '08
Retailer Saks Incorporated announced that owned sales totaled $243.8 million for the five weeks ended July 5, 2008 compared to $237.6 million for the five weeks ended July 7, 2007, a 2.6% increase. Comparable store sales increased 1.9% for the period.

On a quarter-to-date basis, for the two months ended July 5, 2008, owned sales totaled $470.9 million compared to $486.5 million for the prior year two-month period ended July 7, 2007, a 3.2% decrease. Comparable store sales decreased 3.5% for the two-month period. As previously disclosed, sales performance for the second quarter has been negatively affected by the acceleration of a spring season clearance event into the first quarter this year from the second quarter last year.

On a year-to-date basis, for the five months ended July 5, 2008, owned sales totaled $1,325.6 million compared to $1,272.1 million for the prior year five-month period ended July 7, 2007, a 4.2% increase. Comparable store sales increased 4.0% for the five-month period.

For June, the strongest categories at Saks Fifth Avenue were men's contemporary apparel, sportswear, and shoes; jewelry; accessories; and cosmetics and fragrances. The weakest categories at Saks Fifth Avenue for June were women's apparel and men's clothing. Saks Direct and Saks Off 5th performed well for the month.

For the second quarter in the aggregate, management has adjusted its outlook and now expects modestly negative comparable store sales and a relatively flat year-over-year gross margin rate. Management continues to expect that inventory levels generally will remain in-line with the Company's sales expectations throughout the balance of the year.

Saks Incorporated


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