Saks Incorporated owned sales were $242.1 million for the five weeks ended October 3, 2009 compared to $269.6 million for the five weeks ended October 4, 2008, a 10.2% decrease. Comparable store sales decreased 11.6% for the month.
On a quarter-to-date basis, for the two months ended October 3, 2009, owned sales totaled $402.9 million compared to $466.0 million for the two months ended October 4, 2008, a 13.5% decrease. Comparable store sales decreased 15.0% for the two-month period.
On a year-to-date basis, for the eight months ended October 3, 2009, owned sales totaled $1,573.9 million compared to $1,959.3 million for the eight months ended October 4, 2008, a 19.7% decrease. Comparable store sales decreased 20.6% for the eight-month period.
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 September.
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.
