Saks trading up at Parisian
November 15, 2005,
BIRMINGHAM, Ala. -- Saks Incorporated plans on expanding the number of Parisian specialty department stores it operates, while also trading up to a better line of products in those stores, company executives related during a third-quarter earnings conference call today.
Picking up $10 million in insurance money for a New Orleans store damaged by Hurricane Katrina, Saks managed a break-even third quarter, recording a small profit of $200,000, compared with a year-before loss of $30 million, when the chain was hit by store closing costs during a sweeping overhaul of operations.
Sales at the department store retailer declined 11.2 percent, to $1.3 billion from $1.5 billion, reflecting the sale of Proffit's and McRae's earlier this year. Sales in the department store group, now being streamlined, fell 19.6 percent, to $681 million.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...