Retailer Saks Incorporated (NYSE: SKS) (the “Company”) today announced
that owned sales totaled $159.7 million for the four weeks ended August
1, 2009 compared to $187.7 million for the four weeks ended August 2,
2008, a 14.9% decrease. Comparable store sales decreased 16.3% for the
month.
For the second quarter ended August 1, 2009, owned sales totaled $555.9
million compared to $650.9 million for the quarter ended August 2, 2008,
a 14.6% decrease. Comparable store sales decreased 15.5% for the quarter.
On a year-to-date basis, for the six months ended August 1, 2009, owned
sales totaled $1,171.0 million compared to $1,493.3 million for the six
months ended August 2, 2008, a 21.6% decrease. Comparable store sales
decreased 22.4% for the six-month period.
The Saks Fifth Avenue stores experienced continued weakness across all
merchandise categories during the month. Saks Direct and Saks OFF 5TH
showed relative strength in July.
Prior year numbers have been adjusted to remove the sales of the
Company’s discontinued Club Libby Lu operations.
Saks Incorporated operates 53 Saks Fifth Avenue stores, 54 Saks OFF 5TH
stores, and saks.com.
Forward-looking Information
The information contained in this press release that addresses future
results or expectations is considered “forward-looking” information
within the definition of the Federal securities laws. Forward-looking
information in this document can be identified through the use of words
such as “may,” “will,” “intend,” “plan,” “project,” “expect,”
“anticipate,” “should,” “would,” “believe,” “estimate,” “contemplate,”
“possible,” and “point.” The forward-looking information is premised on
many factors, some of which are outlined below. Actual
consolidated results might differ materially from projected
forward-looking information.
The forward-looking information and statements are or may be based on
a series of projections and estimates and involve risks and
uncertainties. These risks and uncertainties include such factors
as: the level of consumer spending for luxury apparel and other
merchandise carried by the Company and its ability to respond quickly to
consumer trends; macroeconomic conditions and their effect on consumer
spending; the Company’s ability to secure adequate financing; adequate
and stable sources of merchandise; the competitive pricing environment
within the retail sector; the effectiveness of planned advertising,
marketing, and promotional campaigns; favorable customer response to
relationship marketing efforts of proprietary credit card loyalty
programs; appropriate inventory management; effective expense control;
successful operation of the Company’s proprietary credit card strategic
alliance with HSBC Bank Nevada, N.A.; geo-political risks; the
performance of the financial markets; changes in interest rates; and
fluctuations in foreign currency and exchange rates. For
additional information regarding these and other risk factors, please
refer to the Company’s filings with the SEC, including its Annual Report
on Form 10-K for the fiscal year ended January 31, 2009, its Quarterly
Reports on Form 10-Q, and its Current Reports on Form 8-K, which may be
accessed via EDGAR through the Internet at www.sec.gov.
The Company undertakes no obligation to correct or update any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Saks Incorporated
Julia Bentley, 865-981-6243
www.saksincorporated.com
