Saks Posts Better-Than-Expected Results (SKS)
Luxury retailer, Saks Inc. (NYSE: SKS) has reported better-than-expected Q4 results. It reported a net loss of $4.6 million for the fourth-quarter, down from a $99.7 million loss a year earlier. Its revenue for the quarter stood at $811.3 million, down by 3.4 percent. Its sales at stores open at least a year fell by 4.8 percent.
The store reported a good holiday shopping season. Its same store sales were up by 7 percent. The company has announced that it will be slashing its promotional campaigns. The move is likely to help boost the company’s margins. Saks announced that it plans to add three to five stores per year. The company will also augment its ‘exclusive’ products collection. The luxury retailer admitted that its business is expected to remain “challenging”.
