Retailers, consumers and prices
Check Out Line: Saks doesn’t sell
Check out the recession. It appears it was still alive and well at Saks in the second quarter.
The upscale retailer posted a $54.5 million loss in the quarter, wider than the $32.7 million seen a year earlier.
Same-store sales fell 15.5 percent in the quarter and Saks expects that measure to fall in the mid-to-high single digits in the second half of the year.
The company has been cutting expenses and controlling inventory. The loss also was not as bad as analysts expected.
But unless a Versace dress becomes the “must-have” back to school item, the tough sales environment at Saks is likely to continue.
Also in the basket:
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CKE same-store sales off 3.6 pct in latest four weeks
Target profit falls, but beats Wall Street view