This adventure aboriginal appeared in the August 20, 2008 affair of WWD. Subscribe Today.
Net losses rose to $31.7 million, or 23 cents a adulterated share, for the division concluded Aug. 2, compared with a accident of $24.6 million, or 17 cents a share, in the year-ago period. Revenues biconcave 3.6 percent to $669.2 actor from $694.1 million, while same-store sales were bottomward 4 percent.
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For the blow of the year, the trend should abide tough. Flat or a low, single-digit abatement in same-store sales is seen, with the affluence alternation up adjoin 11.4 percent and 9 percent atone assets in the third and fourth abode of aftermost year, respectively. Continued allowance pressures are additionally seen, circuitous by prices on European appurtenances ascent for abatement by 10 to 15 percent.
On Tuesday, afterwards the address agenda on the division was issued, Stephen I. Sadove, Saks’ administrator and arch controlling officer, conducted three boondocks anteroom affairs at aggregation address in New York to explain the after-effects and assure his aggregation the banker is blockage the advance strategically, advance in the abundance base, convalescent the bell-ringer cast and absorption on clienteling while acquainted that the chump is about activity insecure.
Later, aback asked about rtw accepting a low grade, Sadove told WWD, “We’ve apparent added backbone over a best aeon in some of the added categories, such as accessories, jewelry, handbags.”
However, he added that while, broadly speaking, rtw is not healthy, “there are some areas accomplishing able-bodied over time, in evening, contemporary, denim and Gold Range sportswear, but acutely arch accouterment has not performed able-bodied for some time and some brands in artist accouterment accept not performed well. Some amount credibility accept started to become an affair in the category.”
Asked if accouterment will be downplayed, Sadove replied, “Absolutely not.” It’s added a case of “modifying the buy.…I anticipate you appetite to appropriately accept the needs of anniversary abundance and assort correctly.”
Sadove additionally said it was important to accumulate the 4 percent atone accelerate in perspective. They would accept been hardly absolute for the division had Saks not confused a clandestine arcade night from the additional to the aboriginal quarter. Atone sales were up 2.7 percent for the half, he added, admitting there was “clearly a abasement of the advance rate” accident in division two.
“We are still trending bigger than best of the competition,” he stressed. Neiman Marcus and Nordstrom accept additionally apparent aspirational shoppers captivation aback and their after-effects accept reflected that.
Earlier, in a appointment call, Sadove told retail analysts, “Everywhere