Saks Inc. reported an 18.2% decline in sales during August, to $160.8 million from $196.4 million a year earlier. Comps decreased 19.6% for the month.
The Saks Fifth Avenue stores experienced continued weakness across all
merchandise categories during the month. Saks Direct and Saks OFF 5TH
showed relative strength in August.
On a year-to-date basis, for the seven months ended August 29, owned sales totaled $1,331.8 million compared to $1,689.9 million a year ago, a 21.2% decrease. Comparable store sales decreased 22.0% for the seven-month period.
Management continues to estimate that comparable store sales will decline in the mid-to-high single digit range for the second half of fiscal 2009 (with the third quarter weaker than the 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, 54 Saks OFF 5TH stores, and saks.com.
