Saks April Comps Increase 7.6%

Saks Incorporated total April sales increased 8.5% and comparable store sales increased 7.6% on a total company basis. By segment, comparable store sales increased 10.6% for SDSG and increased 4.3% for SFAE for the month. Sales below are in millions and represent sales from owned departments only.

For the four weeks ended May 1, 2004 compared to the four weeks ended May 3, 2003, owned sales were:

                                                  Total    Comparable
                          This Year  Last Year   Increase   Increase
                          ---------  ---------   --------  ----------
SDSG                      $  284.0   $  256.2      10.9%      10.6%
SFAE                         238.4      225.3       5.8%       4.3%
                          ---------  ---------   --------  ----------
Total                     $  522.4   $  481.5       8.5%       7.6%

Merchandise categories with the best sales performances for SDSG in April were men's furnishings, accessories, soft home, women's better and moderate sportswear, and cosmetics. Categories with softer sales performances for SDSG in April were children's apparel, juniors' apparel, and dresses. Categories with the best sales performances for SFAE in April were women's contemporary sportswear, women's private brand apparel, cosmetics, jewelry, accessories, handbags, and evening dresses. Categories with the softest performances for SFAE in April were women's designer and “gold range” apparel, women's bridge sportswear, and men's clothing.

SDSG sales in April 2004 were positively affected by a promotional shift. March 2003 contained the first four days of a ten-day promotional event at SDSG, with the balance falling in April 2003. This year, the entire event fell in April. SFAE sales for April 2004 were negatively affected by a promotional change. In April 2003, SFAE held a Private Shopping Night Event for proprietary credit card customers offering early season discounts on designer merchandise. Management did not replicate this event in April 2004.

For the first quarter ended May 1, 2004 compared to the quarter ended May 3, 2003, owned sales were:

                                                Total     Comparable

                         This Year  Last Year  Increase    Increase

                         ---------  ---------  --------   ----------

SDSG                     $  853.7   $  794.9        7.4%        6.4%

SFAE                        674.6      576.2       17.1%       15.3%

                         ---------  ---------  --------   ----------

Total                    $1,528.3   $1,371.1       11.5%       10.2%