Saks Inc. Reports May Comp Store Sales Decline

Retailer Saks Incorporated announced that comparable store sales for the four weeks ended May 31, 2003 compared to the four weeks ended June 1, 2002 decreased 1.6% on a total company basis. By segment, comparable store sales decreased 0.2% for SDSG and decreased 3.8% for SFAE for the month. Sales below are in millions and represent sales from owned departments only.

For the four weeks ended May 31, 2003 compared to the four weeks ended June 1, 2002, owned sales were:

                                                  Total     Comparable
                                                 Increase   
                          This Year  Last Year  (Decrease)  (Decrease)
                          ---------  ---------  ----------  ----------
SDSG                      $   240.9   $  240.0      0.4%       (0.2%)
SFAE                          149.0      155.4     (4.1%)      (3.8%)
                          ---------  ---------  ----------  ----------
Total                     $   389.9   $  395.4     (1.4%)      (1.6%)

For the four months ended May 31, 2003 compared to the four months ended June 1, 2002, owned sales were:

                                                  Total     Comparable
                          This Year  Last Year  (Decrease)  (Decrease)
                          ---------  ---------  ----------  ----------
SDSG                      $ 1,035.8  $ 1,053.7     (1.7%)      (2.2%)
SFAE                          725.2      757.7     (4.3%)      (4.0%)
                          ---------  ---------  ----------  ----------
Total                     $ 1,761.0  $ 1,811.4     (2.8%)      (3.0%)