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Saks warns on flat sales during Christmas

Saks warns on flat sales during Christmas
Wednesday, 14 November 2012

"As the overall macroeconomic environment remains very uncertain, we continue to approach the future cautiously," said Saks’CEO Stephen Sadove on Tuesday. Company’s third quarter’s sales climbed 3 percent to 713 million dollars, above the expected 692

million. The company said third-quarter earnings per share (EPS) rose 9 percent to 12 cents, in line with estimates. Sales climbed 3 percent to 713 million dollars, under expectations of 692 million dollars, reported Reuters.
DuringSaks warns on flat sales during Christmasthe third quarter, Saks sales and profits were hurt by what it called a "modest" spike in promotions, which lowered its gross profit margin by 0.3 point to 43.9 percent of sales. Nevertheless, the retailer reported net income of 22.6 million dollars, or 14 cents per share, up from 17.8 million dollars, or 11 cents per share, a year earlier.
In a statement, the exclusive department store chain said that "Sales trends have been soft for the first two weeks of November in the aftermath of Hurricane Sandy. Many of our stores, representing about 40 percent of our total company revenues, were directly impacted by the storm, and we have experienced a decline in saks.com sales generated from our customers in the Northeast." It expects flat same-stores sales during the quarter due to the storm.
The operator of Saks Fifth Avenue and Off Fifth department stores said it expects sales at stores open at least a year to be flat during the current holiday quarter because of a slow start to November due to Superstorm Sandy.
In a call with analysts, executives explained that the storm had caused some disruption to the supply chain, including delays in getting merchandise into stores, and that Saks would extend a sales event by a few days, compromising its gross profit in the current quarter.
Despite the weaker sales, Chief Executive Steve Sadove reassured analysts that the company was already recovering from the storm even though sales were still depressed two weeks later. "You're not going to see a long-term effect from the hurricane," Sadove said. In the same vein, he added that it expects sales at stores open at least a year, or same-store sales, to be flat because of Sandy. Looking ahead to the fourth quarter, Saks expects comparable store sales to be relatively flat compared to last year.





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Saks warns on flat sales during Christmas

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