Saks, Inc. Sees April Comps Decrease 2.4%

Retailer Saks Incorporated announced that comparable store sales for the four weeks ended May 3, 2003 compared to the four weeks ended May 4, 2002 decreased 2.4% on a total company basis. By segment, comparable store sales decreased 9.1% for SDSG and increased 6.3% for SFAE for the month. Sales below are in millions and represent sales from owned departments only.

For the four weeks ended May 3, 2003 compared to the four weeks ended May 4, 2002, owned sales were:

                                                             
                                                   Total    Comparable
                                 This    Last     Increase   Increase 
                                 Year    Year    (Decrease) (Decrease)
                                ------  ------   ---------- ----------
SDSG                            $256.2  $279.9     (8.5%)     (9.1%)
SFAE                             225.3   212.6      6.0%       6.3%
                                ------  ------   ---------- ----------
Total                           $481.5  $492.5     (2.2%)     (2.4%)

SFAE sales were positively affected by shifting a scheduled promotional event from May last year into April this year. SFAE comparable store sales would have been negative in April without the shift.

For the first quarter ended May 3, 2003 compared to last year’s first quarter ended May 4, 2002, owned sales were:

                                                  Total     Comparable
                          This Year  Last Year  (Decrease)  (Decrease)
                          ---------  ---------  ----------  ----------
SDSG                      $  794.9   $  813.8      (2.3%)      (2.9%)
SFAE                         576.2      602.4      (4.3%)      (4.1%)
                          --------   ---------  ----------  ----------
Total                     $1,371.1   $1,416.2      (3.2%)      (3.4%)

For both SDSG and SFAE, the continued weak economic environment and the persistence of below normal temperatures adversely affected sales across many of their markets. The intensity of promotional activity was increased at both SDSG and SFAE in an attempt to stimulate sales.