Content about Saks Incorporated

April 23, 2013
Tampa Saks Fifth Ave. to close doors in May

Retailer Saks Incorporated will be closing its Saks Fifth Avenue store located in the WestShore Plaza in Tampa, Fla., May 4.

NEW YORK — Retailer Saks Incorporated will be closing its Saks Fifth Avenue store located in the WestShore Plaza in Tampa, Fla., May 4.

“This planned closing is in line with our strategy of using our resources in our most productive Saks Fifth Avenue stores. We regularly assess the productivity, profitability and potential of each of our stores and may determine that a closing is appropriate from time to time,” said Steve Sadove, chairman and CEO of Saks.

November 13, 2012
Saks reports Q3 profit growth

Saks Inc. reported Tuesday that net income for the third quarter climbed 27.2% to $22.6 million, compared with $17.8 million in the same period last year.

New York -- Saks Inc. reported Tuesday that net income for the third quarter climbed 27.2% to $22.6 million, compared with $17.8 million in the same period last year. Results surpassed analysts’ expectations.
 
Revenue edged up 3% to $713.2 million, widely missing Wall Street’s expected $762.6 million in revenue. Same-store sales rose 3.3%.

October 1, 2012
Saks opens first Fifth Avenue store in Kazakhstan

Saks Inc. has opened its first Saks Fifth Avenue store in Kazakhstan, in the city of Almaty.

NEW YORK — Saks Inc. has opened its first Saks Fifth Avenue store in Kazakhstan, in the city of Almaty.

September 17, 2012
Saks launches AT&T Wi-Fi at all stores

Saks Inc. said Monday it has launched AT&T Wi-Fi at all 44 retail locations nationwide.

New York -- Saks Inc. said Monday it has launched AT&T Wi-Fi at all 44 retail locations nationwide.

The AT&T Wi-Fi network connects shoppers with mobile tools such as the new Saks Fifth Avenue app, which offers features such as shareable wish lists, fashion look books, event calendars and more. AT&T customers with select Wi-Fi enabled devices will auto-authenticate to the in-store Wi-Fi service, so frequent shoppers will be automatically connected to Saks Fifth Avenue’s Wi-Fi each time they re-visit the store.

August 14, 2012
Comps up, loss widens at Saks

Saks Inc. recorded a net loss of $12.3 million, or 8 cents per diluted share, for its second quarter. For the prior year second quarter, the company recorded a net loss of $8.4 million, or 5 cents per diluted share.

NEW YORK — Saks Inc. recorded a net loss of $12.3 million, or 8 cents per diluted share, for its second quarter. For the prior year second quarter, the company recorded a net loss of $8.4 million, or 5 cents per diluted share.

July 26, 2012
Former Yahoo! Europe exec named to Saks board

Saks Inc. has named Fabiola Arredondo to its board of directors.

NEW YORK — Saks Inc. has named Fabiola Arredondo to its board of directors.

April 2, 2012
Saks gets business insight from Oracle

Saks Inc. has selected Oracle's retail merchandising, planning and optimization applications and the Oracle e-business suite 12.1 to help integrate business operations and improve margins and profitability across all channels.

NEW YORK — Saks Inc. has selected Oracle's retail merchandising, planning and optimization applications and the Oracle e-business suite 12.1 to help integrate business operations and improve margins and profitability across all channels.

The implementation is part of a business-wide initiative by Saks to establish a modern, flexible and scalable IT platform that will provide finance, human resources, merchandising, commerce and store operations teams with real-time, mobile access to sales, inventory and performance data they require.

March 15, 2012
Saks earns customer service distinction

Many companies can claim they have excellent customer services, but now Saks Inc. has the award to back that claim up.

NEW YORK — Many companies can claim they have excellent customer services, but now Saks Inc. has the award to back that claim up. The company announced that it was recognized at the J.D. Power and Associates Customer Service Roundtable in Orlando, Fla. on March 14 as a 2012 Customer Service Champion—one of only 50 companies to have earned this distinction this year.

February 21, 2012
Handbag, jewelry sales send Saks income soaring

Saks Inc. fourth-quarter net income climbed 48% amid strong sales of handbags, fine jewelry and men's and women's apparel. The earnings topped expectations.

NEW YORK — Saks Inc. fourth-quarter net income climbed 48% amid strong sales of handbags, fine jewelry and men's and women's apparel. The earnings topped expectations.

For the period ended Jan. 28, Saks earned $37 million, compared with $25 million last year. Quarterly revenue rose 7% to $925.1 million from $866.3 million, beating Wall Street's $918.9 million estimate.

Same-store sales were up 7.7%.

Saks Direct has an increase of about 21%. Saks said revenue at Off 5th stores open at least a year was weaker than expected.

February 13, 2012
Saks to deploy mobile-robotic fulfillment system in new DC

Saks Inc. will expand its distribution and fulfillment capacity, adding a new facility in Tennessee in 2012.

NEW YORK -- Saks Inc. will expand its distribution and fulfillment capacity, adding a new facility in Tennessee in 2012.

The new center will occupy approximately 564,000 sq. ft. of leased space and will be located in LaVergne, Tenn. It will be equipped with a sophisticated mobile-robotic fulfillment system that has been successfully deployed in Saks’ Maryland facility.

Saks expects the Tennessee facility to be operational by August 2012.

August 29, 2011
Saks brings discount luxury to new markets

NEW YORK — Customers with expensive taste will have greater access to luxury now that Saks is planning to open five new Off 5th stores throughout the United States. According to the company, these new stores will be located in upscale outlet, lifestyle, or strip centers, and each store will be designed in Off 5TH's unique "luxury in a loft" format. The new stores should have a particular appeal to foreign tourists, who helped drive up same-store sales to about 15% at Saks' flagship New York store.

August 16, 2011
Saks cuts Q2 loss

Saks Inc. reported a second-quarter net loss of $8.4 million, or 5 cents per diluted share. For last year’s second quarter, the company posted a net loss of $32.2 million, or 21 cents per share.

NEW YORK — Saks Inc. reported a second-quarter net loss of $8.4 million, or 5 cents per diluted share. For last year’s second quarter, the company posted a net loss of $32.2 million, or 21 cents per share. 

Revenue rose 13% to $670.2 million from $593.1 million, beating Wall Street's $657.4 million. Same-store sales surged 15.5%, surpassing Saks' expectations.

May 17, 2011
Saks first-quarter profits soar, looks to grow Off 5th unit

Saks Inc. announced reported net income of $28.4 million, or 16 cents per diluted share, for the first quarter.

NEW YORK — Saks Inc. announced reported net income of $28.4 million, or 16 cents per diluted share, for the first quarter. For the prior year first quarter, the company recorded net income of $18.8 million, or 11 cents per diluted share. 

Stephen Sadove, chairman and CEO, noted, "I am very pleased with our first quarter results. Our improved year-over-year performance was driven by a 10.2% comparable-store sales increase and continued gross margin rate improvement."