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Saks Comparable store sales fall

10
Oct '08
Retailer Saks Incorporated announced that owned sales totaled $273.2 million for the five weeks ended October 4, 2008 compared to $307.4 million for the five weeks ended October 6, 2007, an 11.1% decrease. Comparable store sales decreased 10.9% for the period.

On a quarter-to-date basis, for the two months ended October 4, 2008, owned sales totaled $473.7 million compared to $520.9 million for the prior year two-month period ended October 6, 2007, a 9.1% decrease. Comparable store sales decreased 8.9% for the two-month period.

On a year-to-date basis, for the eight months ended October 4, 2008, owned sales totaled $1,991.5 million compared to $1,994.4 million for the prior year eight-month period ended October 6, 2007, a 0.1% decrease. Comparable store sales decreased 0.3% for the eight-month period.

In the prior year, comparable store sales increased 7.7%, 11.8%, and 13.3% for the fiscal September, quarter-to-date, and year-to-date periods, respectively.

For September, the strongest categories at Saks Fifth Avenue were jewelry, fragrances, and cosmetics. The weakest categories at Saks Fifth Avenue for September were women's apparel and men's clothing and dress furnishings.

Sales for September were below management's expectations. Management anticipates the extremely challenging economic environment will continue for the balance of the fiscal year and that comparable store sales for the second half of the fiscal year will fall below its previous expectation of flat to a low-single digit decline.

Saks Incorporated currently operates Saks Fifth Avenue, which consists of 53 Saks Fifth Avenue stores, 48 Saks Off 5th stores, and saks.com. The Company also operates Club Libby Lu specialty stores.

Saks Incorporated


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