Upmarket retailer Saks said it slipped into a loss in its second quarter, partly because revenue fell after it sold the Northern Department Store Group.

Saks also blamed the US$51.9m loss on charges related to stock options, expenses linked to an investigation by securities regulators, and reorganisation expenses..

The company had enjoyed a profit of $8.2m this time last year.

Revenue was down 37% during to quarter, totalling $760.7m compared to $1.21bn a year ago.

For the six months ended 29 July 29, Saks said net income was $26m compared to $24.4m in 2005.