Department store group Saks Inc has posted a wider third quarter loss, blaming hurricanes in the south eastern US and store closure costs.

Third-quarter net loss totalled $24.8 million, or 18 cents per share, compared to $12.4 m, or 9 cents a share, a year earlier.

Third-quarter sales increased 1 per cent to $1.48 billion with a same-store sales increase of  0.3 per cent.

The Saks Fifth Avenue division saw 5.6 per cent sales growth whilst its other businesses posted a 2.2 per cent fall.

The company said its third-quarter results were affected by by charges of $17.5m, or 13 cents a share, which were mainly connected to the shutting of 12 of its Saks Fifth Avenue stores. It said that the hurricanes caused an extra 3 per cent loss on earnings.
Saks Incorporated operates through theSaks Department Store Group and Saks Fifth Avenue Enterprises.