USA: Saks Loss Widens In The Second Quarter
A difficult retail environment and weak consumer demand for luxury goods have been blamed for a wider loss in the second quarter for Saks Inc. The retail group had a loss of $58.4m for the period ended August 4, compared with a loss of $5.8m the previous year. The company recorded after tax charges of $16m, including costs to eliminate its catalogue business and to integrate its Internet business with its Saks Fifth Avenue stores.
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