Saks loss widens in Q2
New York -- Saks Inc. reported Tuesday a loss of $12.3 million for the second quarter, widened from a loss of $8.4 million in the year-ago period.
Revenue climbed 5.1% to $704.1 million, widely missing the $762.6 million projected by Wall Street. Same-store sales increased 4.7% in the quarter.
Saks CEO Stephen Sadove reminded investors that revenue has risen for the last four quarters, increasing 3.8% in the first quarter, 6.8% in the fourth quarter of the last fiscal year and climbing 5.1% in the third quarter of the last fiscal year. As well, Saks’ loss in the latest quarter follows profits in the previous three quarters.
The company also announced Tuesday it no longer will be reporting monthly sales.