The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Saks Incorporated Announces October Comparable Store Sales

Thursday, November 04, 2010

Saks Incorporated Announces October Comparable Store Sales08:30 EDT Thursday, November 04, 2010 NEW YORK (Business Wire) -- Retailer Saks Incorporated (NYSE: SKS) today announced that owned sales totaled $233.9 million for the four weeks ended October 30, 2010 compared to $219.9 million for the four weeks ended October 31, 2009, a 6.4% increase. Comparable store sales increased 8.1% for the month. For the third quarter ended October 30, 2010, owned sales totaled $649.6 million compared to $622.7 million for the quarter ended October 31, 2009, a 4.3% increase. Comparable store sales increased 5.7% for the quarter. On a year-to-date basis, for the nine months ended October 30, 2010, owned sales totaled $1,889.8 million compared to $1,794.3 million for the nine months ended October 31, 2009, a 5.3% increase. Comparable store sales increased 5.5% for the nine months. For October, the strongest categories at Saks Fifth Avenue stores were women's shoes, women's apparel, men's sportswear, cosmetics, and fragrances. Saks Direct performed well during the month. October comparable store sales were modestly positively impacted by an event shift from November last year; management estimates that the Company would have still posted mid-single digit comparable store sales increases for October and the third quarter of 2010 absent the event shift. Management continues to expect comparable store sales growth in the mid-single digit range for the second half of the fiscal year in the aggregate. Saks Incorporated operates 47 Saks Fifth Avenue stores, 56 Saks OFF 5TH stores, and saks.com. Forward-looking InformationThe information contained in this press release that addresses future results or expectations is considered “forward-looking” information within the definition of the Federal securities laws.Forward-looking information in this document can be identified through the use of words such as “may,” “will,” “intend,” “plan,” “project,” “expect,” “anticipate,” “should,” “would,” “believe,” “estimate,” “contemplate,” “possible,” and “point.” The forward-looking information is premised on many factors, some of which are outlined below.Actual consolidated results might differ materially from projected forward-looking information.The forward-looking information and statements are or may be based on a series of projections and estimates and involve risks and uncertainties.These risks and uncertainties include such factors as: the level of consumer spending for luxury apparel and other merchandise carried by the Company and its ability to respond quickly to consumer trends; macroeconomic conditions and their effect on consumer spending; the Company's ability to secure adequate financing; adequate and stable sources of merchandise; the competitive pricing environment within the retail sector; the effectiveness of planned advertising, marketing, and promotional campaigns; favorable customer response to relationship marketing efforts of proprietary credit card loyalty programs; appropriate inventory management; effective expense control; successful operation of the Company's proprietary credit card strategic alliance with HSBC Bank Nevada, N.A.; geo-political risks; the performance of the financial markets; changes in interest rates; and fluctuations in foreign currency and exchange rates.For additional information regarding these and other risk factors, please refer to the Company's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended January 30, 2010, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, which may be accessed viathe Internet at www.sec.gov.The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events, or otherwise. Saks IncorporatedJulia Bentley, 865-981-6243www.saksincorporated.com