Saks Inc (SKS)
Saks Incorporated operates Saks Fifth Avenue, one of the most upscale retailers of designer clothing, accessories, cosmetics, and home furnishings. Saks Incorporated also operates Off 5th Stores, which offer Saks Fifth Avenue clothing and accessories at a discount.
Saks Jan. key sales figure rises, beats Street
NEW YORK (AP) - Saks Inc. said Thursday that strong sales of men's shoes, handbags and women's designer clothes lifted a key sales figure by 7 percent in January.
The luxury retailer easily surpassed a 2.8 percent increase anticipated by analysts surveyed by Thomson Reuters.
The figures released Thursday measure sales of stores open at least one year, which is a better indicator than new stores.
Other categories that performed well for the four weeks ended Jan. 30 included men's apparel, fashion jewelry and women's shoes.
January total sales climbed 8 percent to $158.9 million.
In the fourth quarter, sales at stores open at least a year dropped 4.8 percent, with total sales down $797.7 million from $829 million.
Full-year sales at stores open at least a year fell 14.7 percent. Total sales declined to $2.59 billion from $3 billion.
Saks runs 53 Saks Fifth Avenue stores, 55 Saks Off 5th stores.
The retailer's stock shed 23 cents, or 3.4 percent, to $6.51. The shares have traded in a range of $1.50 to $7.72 over the last year.
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Today's gain: $-0.19 (-2.20%)
