US: Saks slides to deeper Q2 loss
- Q2 net loss US$12.3m, versus $8.4m
- Underlying $8m versus $7.6m
- Net sales up 5.1% to $704.1m
Retail group Saks posted a second quarter net loss of US$12.3m after being impacted by exceptional items, but saw its underlying losses also widen in comparison with last year.
The loss in the three months to 28 July came despite a 5.1% increase in net sales and a 4.7% rise in comparable store sales for the US business.
Saks said strongly performing product categories included men’s and women’s contemporary apparel, women’s and men’s shoes, and fashion.
“Our comparable store sales increases of 4.7% in both the second quarter and six months were on top of very strong 15.5% and 12.7% increases in the second quarter and first six months of last year respectively,” said Stephen Sadove, Saks chairman and CEO.
Saks expects comparable store sales to grow in the mid-single digit range for the second half of its fiscal year.
Saks boss Stephen Sadove has been elected as the new chairman of the National Retail Federation's (NRF) board of directors and executive committee....
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