Saks Incorporated reported owned sales totaled $219 million for the four weeks ended Nov. 1, 2008 compared to $269.1 million for the four weeks ended Nov. 3, 2007, an 18.6% decrease. Comparable store sales decreased 16.6% for the month.
 
For the third quarter ended Nov. 1, 2008, owned sales totaled $692.7 million compared to $790 million for the prior year third quarter ended Nov. 3, 2007, a 12.3% decrease. Comparable store sales decreased 11.5% for the third quarter.


On a year-to-date basis, for the nine months ended Nov. 1, 2008, owned sales totaled $2.2 billion compared to $2.26 billion for the prior year nine-month period ended Nov. 3, 2007, a 2.3% decrease. Comparable store sales decreased 2.2% for the nine-month period.


In the prior year, comparable store sales increased 10.6%, 11.4%, and 13.0% for the fiscal October, third quarter, and nine-month periods, respectively.


For October, the strongest businesses and categories at Saks Fifth Avenue were Saks Direct, men’s shoes, men’s contemporary apparel, fragrances, cosmetics, and women’s outerwear. The weakest categories at Saks Fifth Avenue for October were women’s apparel, men’s clothing, jewelry, and handbags.


Sales during the fiscal quarter were well below management’s original expectations. Third quarter year-over-year promotional activity increased, and consumers shifted purchases from regular price to promotional priced merchandise.