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.