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August 18, 2010

US: Saks narrows Q2 loss after sales improvement

US department store chain Saks has narrowed its second quarter loss, after sales rose 5.1% to US$593.1m during the period.

US department store chain Saks has narrowed its second quarter loss, after sales rose 5.1% to US$593.1m during the period.

“These results exceeded our expectations and primarily were driven by comparable store sales growth and significant gross margin expansion, said CEO Stephen Sadove.

“Our 4.6% second quarter comparable store sales increase was consistent with our expectations, even as we strategically reduced our promotional activity. Comparable store sales grew 5.4% for the six months.”

The retailer expects same-store sales growth in the mid-single digit range for the second half and the full fiscal year.

Click here to view the company’s full financial statement.

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