Saks Inc. announced that owned sales totaled $245.1 million for the four weeks ended Nov. 28, 2009 compared to $327.3 million for the four weeks ended Nov. 29, 2008, a 25.1% decrease. Comparable store sales decreased 26.1% for the month.
On a year-to-date basis, for the ten months, owned sales totaled $2,039.4 million compared to $2,502.6 million for the ten months ended Nov. 29, 2008, an 18.5% decrease. Comparable store sales decreased 19.5% for the ten-month period.
The Saks Fifth Avenue stores and Saks Direct experienced weakness across nearly all merchandise categories during the month. Saks OFF 5TH showed relative strength in November.
November's comparable store sales performance was consistent with management's previously announced expectation and reflected reduced year-over-year promotional and clearance activity and the shift of a designer clearance event into December this year from November last year. Management continues to estimate that comparable store sales will decline in the high-single digit range for the full fiscal fourth quarter.
Prior year numbers have been adjusted to remove the sales of the company's discontinued Club Libby Lu operations.
Saks Incorporated operates 53 Saks Fifth Avenue stores, 55 Saks OFF 5TH stores, and saks.com.
