The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Saks Incorporated Announces April Comparable Store Sales

Thursday, May 03, 2012

Saks Incorporated Announces April Comparable Store Sales08:30 EDT Thursday, May 03, 2012 NEW YORK (Business Wire) -- Retailer Saks Incorporated (NYSE: SKS) today announced that owned sales totaled $259.5 million for the four weeks ended April 28, 2012 compared to $257.3 million for the four weeks ended April 30, 2011, a 0.9% increase. Comparable store sales increased 2.0% for the month. For April, the strongest categories included women's contemporary and WEAR NOW apparel; dresses; shoes; handbags; and men's accessories, shoes, and contemporary apparel. This April, the Company excluded cosmetics and fragrances from its Friends & Family discount event; cosmetics and fragrances were offered at a ten percent discount during the April 2011 event. Management estimates that April 2012 comparable store sales would have increased by mid-single digits if cosmetics and fragrances had been included in the event. For the first quarter ended April 28, 2012, owned sales totaled $743.9 million compared to $713.7 million for the prior year first quarter ended April 30, 2011, a 4.2% increase. Comparable store sales increased 4.8% for the first quarter. Saks Incorporated operates 45 Saks Fifth Avenue stores, 61 Saks OFF 5TH stores, and Saks Fifth Avenue is proud to be named a J.D. Power and Associates 2012 Customer Service Champion and is only one of 50 U.S. companies so named. 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/A for the fiscal year ended January 28, 2012, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, which may be accessed viathe Internet at 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,