Retailer Saks Incorporated reported that owned sales totaled $208.2 million for the four weeks ended May 28, 2011 compared to $177.5 million for the four weeks ended May 29, 2010, a 17.3 percent increase. Comparable store sales increased 20.2 percent for the month.
On a year-to-date basis, for the four months ended May 28, 2011, owned sales totaled $921.8 million compared to $834.4 million for the prior year four months ended May 29, 2010, a 10.5 percent increase. Comparable store sales increased 12.3 percent for the four months.
For May, the strongest categories at Saks Fifth Avenue stores included womens designer apparel, shoes, handbags, and accessories; mens clothing, shoes, and accessories; jewelry; cosmetics; and fragrances. Saks Direct performed well during the month.
The companys four-day spring season Friends & Family event took place entirely in fiscal April last year. In the current year, three days of the Friends & Family event took place in fiscal April and one day took place in fiscal May, which negatively impacted April sales and positively impacted May sales. Adjusting for this event shift, management estimates that May 2011 comparable store sales would have increased in the mid-teen range. For April and May 2011 combined, comparable store sales increased 11.8%.
Management now expects that comparable store sales will increase in the low-double digit range for the second fiscal quarter.
