Saks Ekes Out Comp-Store Gain
November 15, 2004,
Saks Incorporated experienced a 1 percent increase in total sales and a modest rise of 0.3 percent in comparable store sales during the third quarter.
The retailer's management team estimated that the frequent hurricane activity in the Southeast negatively affected total comparable-store sales by approximately $13 million, or 90 basis points. By segment, the hurricane effect for the quarter is estimated at $7 million, or 90 basis points for Saks Department Store Group (SDSG), and approximately $6 million, or 100 basis points, for Saks Fifth Avenue Enterprises (SFAE).
For the four week-period ended Oct. 30, compared with the same period last year, total sales increased 5.5 percent and comparable-store sales increased 4.4 percent.