Saks Inc. reported a loss of $8.37 million, or 5 cents a share, in the second quarter, compared
with a loss of $32.2 million, or 21 cents a share, a year earlier.
Excluding items such as a pension-related gain and asset-impairment
charges, the loss narrowed to five cents from 13 cents.
Sales jumped 13 percent
to $670.2 million.
Stephen I. Sadove, Chairman and Chief Executive Officer of the Company, noted, “Through the second quarter, our customers remained confident and continued to respond to our differentiated merchandise, service initiatives, and creative marketing. With the recent increased volatility and downturn in the financial markets and the overall uncertainty in the macroeconomic environment, we are approaching the fall season a bit more cautiously and will continue to be very strategic with our expense, capital, and inventory spending, making investments in areas with the most potential for profitable growth.”
