Saks Inc. Feb. Comps Take Hit From Winter Storms

Retailer Saks Incorporated announced that comparable store sales for the four weeks ended March 1, 2003 compared to the four weeks ended March 2, 2002 decreased 4.1% on a total company basis. By segment, comparable store sales increased 1.2% for SDSG and decreased 11.4% for SFAE for the month. Sales below are in millions and represent sales from owned departments only.

For the four weeks ended March 1, 2003 compared to the four weeks ended March 2, 2002, owned sales were:

                                                 Total     Comparable
                                                Increase    Increase
                          This Year  Last Year (Decrease)  (Decrease)
                          ---------- --------- ---------- -----------
SDSG                         $226.6    $222.8       1.7%        1.2%
SFAE                          140.5     158.5     (11.3%)     (11.4%)
                          ---------- --------- ---------- -----------
Total                        $367.1    $381.3      (3.7%)      (4.1%)

February sales were negatively affected by winter snowstorms in the Midwest and Northeast. Additionally, at SFAE there was a promotional shift related to a deferral in the distribution of annual gift card rewards for SaksFirst loyalty members this year compared to last year. Redemption of the gift cards typically generates incremental sales.