Retailer Saks Incorporated announced that owned sales totaled $281.3 million for the four weeks ended May 5, 2007 compared to $248.7 million for the four weeks ended April 29, 2006, a 13.1% increase. Comparable store sales increased 11.7% for the four-week period.
For April, nearly all merchandise categories performed well at Saks Fifth Avenue stores, with the strongest being women's designer sportswear and “gold range” apparel; evening dresses; handbags; shoes; accessories; intimate apparel; and men's accessories, shoes, advanced sportswear, and clothing. Saks Direct also performed well for the month.
For the first quarter ended May 5, 2007, owned sales totaled $785.6 million compared to $676.4 million for the quarter ended April 29, 2006, a 16.1% increase. Comparable store sales increased 14.4% for the first quarter.
For the second fiscal quarter, management expects low-double digit comparable store sales growth. Due to a promotional shift, management expects May comparable store sales to considerably exceed that range, with June comparable store sales to fall below that range.
Saks Incorporated currently operates Saks Fifth Avenue, which consists of 54 Saks Fifth Avenue stores, 49 Saks Off 5th stores, and saks.com. The Company also operates Club Libby Lu specialty stores.
