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Saks December sales down 19.8 percent

January 09, 2009

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New York--Same-store sales at Saks Inc. decreased 19.8 percent for the five weeks ended Jan. 3, and owned sales decreased 18.9 percent to $363.3 million, compared with $447.7 million for the same period last year, the company announced on Friday.

The categories and businesses at Saks Fifth Avenue with relative strength in December were eveningwear, bridal, children's apparel, jewelry, fragrances, Saks Direct and OFF 5TH.

The weakest categories at Saks Fifth Avenue for December were women's apparel, outerwear, men's clothing and advanced sportswear, women's shoes and handbags.

On a quarter-to-date basis, for the two months ended Jan. 3, same-store sales decreased 13.3 percent, and owned sales decreased 12.4 percent to $696.3 million, compared with $795.3 million for the two-month period ended Jan. 5, 2008.

On a year-to-date basis, for the 11 months ended Jan. 3, same-store sales decreased 5.1 percent, and owned sales decreased 5 percent to $2,906.8 million, compared with $3,058.8 million for the 11-month period ended Jan. 5, 2008.

In the prior year, same-store sales increased 0.8 percent, 10.2 percent and 12.3 percent for the fiscal December, two-month and 11-month periods, respectively.

The company continues to face very challenging macroeconomic and retail conditions. Based on the current level of consumer demand, the current promotional environment and the company's permanent markdown cadence cycle, Saks continues to expect a significant year-over-year decrease in the gross margin rate for the fourth quarter.

Saks Inc. currently operates Saks Fifth Avenue, which consists of 53 Saks Fifth Avenue stores, 51 Saks OFF 5TH stores and Saks.com.
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