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Saks comp stores weak in July
08
Aug '08
Retailer Saks Incorporated announced that owned sales totaled $192.1 million for the four weeks ended August 2, 2008 compared to $201.4 million for the four weeks ended August 4, 2007, a 4.6% decrease. Comparable store sales decreased 5.3% for the period.

For the second quarter ended August 2, 2008, owned sales totaled $663.1 million compared to $687.9 million for the prior year second quarter ended August 4, 2007, a 3.6% decrease. Comparable store sales decreased 4.0% for the quarter. As previously disclosed, sales performance for the second quarter was negatively affected by the acceleration of a spring season clearance event into the first quarter this year from the second quarter last year.

Management estimates that, excluding the clearance event shift, comparable store sales would have been slightly positive for the second quarter. Weakening business trends as the quarter progressed will negatively impact the Company's second quarter gross margin.

On a year-to-date basis, for the six months ended August 2, 2008, owned sales totaled $1,517.8 million compared to $1,473.5 million for the prior year six-month period ended August 4, 2007, a 3.0% increase. Comparable store sales increased 2.7% for the six-month period.

For July, the strongest categories at Saks Fifth Avenue were women's eveningwear, men's shoes, men's contemporary apparel, women's accessories, and fragrances. The weakest categories at Saks Fifth Avenue for July were women's apparel, men's classic sportswear and clothing, and handbags. Saks Direct performed well for the month.

Saks Incorporated


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