Saks Inc. announced that January 2008 comparable store sales increased 4.1% over the prior year. Fiscal fourth quarter comparable store sales increased 9.0% over the prior year, which was consistent with managements previously disclosed expectation of a high-single digit increase.
For the current year, the January, fourth quarter, and fiscal year periods ended February 2, 2008 and included 4 weeks, 13 weeks, and 52 weeks, respectively. For the prior year, the January, fourth quarter, and fiscal year periods ended February 3, 2007 and included 5 weeks, 14 weeks, and 53 weeks, respectively. Comparable store sales numbers below are based on comparisons of the 4 weeks, 13 weeks, and 52 weeks ended February 2, 2008 with the 4 weeks, 13 weeks, and 52 weeks ended January 27, 2007. (The prior year January period included an extra week, creating a 53-week fiscal year that occurs every six years in the accounting cycle for many retailers.) Sales below are in millions and represent owned departments only.
For the periods ended February 2, 2008 compared to the periods ended January 27, 2007, owned sales were:
|
|
|
|
|
| Total |
| Comparable | ||||
|
| This Year |
| Last Year |
| Increase |
| Increase | ||||
January (4 weeks) |
| $ | 190.3 |
| $ | 182.8 |
| 4.1 | % |
| 4.1 | % |
Fourth quarter (13 weeks) |
| $ | 985.6 |
| $ | 902.0 |
| 9.3 | % |
| 9.0 | % |
Fiscal year (52 weeks) |
| $ | 3,249.1 |
| $ | 2,867.7 |
| 13.3 | % |
| 11.7 | % |
For the periods ended February 2, 2008 compared to the periods ended February 3, 2007, owned sales were:
|
|
|
|
|
| Total | |||
|
|
|
|
|
| (Decrease) | |||
|
| This Year |
| Last Year |
| Increase | |||
January (4 weeks TY/5 weeks LY) |
| $ | 190.3 |
| $ | 225.8 |
| (15.7 | %) |
Fourth quarter (13 weeks TY/14 weeks LY) |
| $ | 985.6 |
| $ | 945.0 |
| 4.3 | % |
Fiscal year (52 weeks TY/53 weeks LY) |
| $ | 3,249.1 |
| $ | 2,910.7 |
| 11.6 | % |
For January, the strongest categories at Saks Fifth Avenue were jewelry, womens designer and “gold range“ apparel, womens eveningwear, mens accessories and shoes, and cosmetics. The weakest categories at Saks Fifth Avenue for January were womens modern collections, womens contemporary sportswear, outerwear, mens contemporary apparel, and womens soft accessories. Saks Direct and Off 5th performed well for the month.
The company continues to experience a more challenging macroeconomic and competitive environment, and consistent with trends commencing in the third quarter, customers have continued to shift more of their spending to promotional events.
Saks Incorporated currently operates Saks Fifth Avenue, which consists of 54 Saks Fifth Avenue stores, 48 Saks Off 5th stores, and saks.com. It also operates Club Libby Lu specialty stores.
