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Saks October sales drop 16.6 percent

November 06, 2008

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New York--Same-store sales at Saks Inc. were down 16.6 percent for the four weeks ended Nov. 1, and owned sales decreased 18.6 percent to $219 million, compared with $269.1 million for the same period last year, the company announced today.

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.

For the third quarter ended Nov. 1, same-store sales decreased 11.5 percent, and owned sales were down 12.3 percent to $692.7 million, compared with $790 million for the same period in 2007.

For the year to date, same-store sales were down 2.2 percent, and owned sales decreased 2.3 percent to $2,210.5 million, compared with $2,263.6 million for the same period last year.

In 2007, same-store sales increased 10.6 percent, 11.4 percent and 13 percent for the fiscal October, third quarter and nine-month periods, respectively.

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

Management expects a continuation of current conditions through the fiscal fourth quarter, as well as a significant year-over-year decrease in the gross margin rate for the third and fourth quarters due to consumer demand, the increased promotional environment and the company's permanent markdown cadence cycle.

Saks Inc. currently operates Saks Fifth Avenue, which consists of 53 Saks Fifth Avenue stores, 49 Saks Off 5th stores and Saks.com.
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