Retailer Saks Incorporated saw owned sales total $332.9 million for the four weeks ended Nov. 29, 2008 compared to $347.6 million for the four weeks ended Dec. 1, 2007, a 4.2% decrease. Comparable store sales decreased 5.2% for the month.

On a year-to-date basis, for the ten months ended Nov. 29, 2008, owned sales totaled $2,543.4 million compared to $2,611.2 million for the prior year ten-month period ended Dec. 1, 2007, a 2.6% decrease. Comparable store sales decreased 2.6% for the ten-month period. In the prior year, comparable store sales increased 25.7% and 14.5% for the fiscal November and ten-month periods, respectively.

For November, the strongest businesses and categories at Saks Fifth Avenue were women’s designer apparel, handbags, women’s and men’s shoes, men’s contemporary apparel, and Saks Direct. The weakest categories at Saks Fifth Avenue for November were women’s bridge, petite, and Salon Z (large size) apparel; women’s outerwear; men’s accessories; jewelry; fragrances and cosmetics; and intimate apparel.

The company continues to face very challenging macroeconomic and retail conditions. November 2008 sales were also negatively affected by the retail calendar shift, with seven fewer post-Thanksgiving shopping days than last year. This was partially offset by sales generated from an increased level of promotional activity and markdowns in November. Customers continued to shift purchases from regular price to promotional and clearance priced merchandise. Based on the current level of consumer demand, the increased promotional environment, and Saks' permanent markdown cadence cycle, the company continues to expect a significant year-over-year decrease in the gross margin rate for the fourth quarter.