Content about Saks Incorporated

June 11, 2014

Steve Sadove, former chairman and CEO of Saks Inc., has asked consulting firm Marvin Traub Associates to launch a new division focused on innovative technologies, concepts and platforms in the retail and consumer industries

New York — Steve Sadove, former chairman and CEO of Saks Inc., has joined consulting firm Marvin Traub Associates to launch a new division focused on  innovative technologies, concepts and platforms in the retail and consumer industries. Sadove is heading up the new Traub Accelerator division as co-founder, and will also advise Traub’s traditional clients and join the board of directors.

November 4, 2013

Canada’s Hudson's Bay Co. said that it has completed its $2.4 billion acquisition of Saks Inc.

Toronto -- Canada’s Hudson's Bay Co. said Monday that it has completed its $2.4 billion acquisition of Saks Inc. Saks shareholders overwhelmingly approved the sale of the New York company during a special meeting on Wednesday. The combined company will operate a total of 320 stores, including 179 full-line specialty department stores, 72 outlet stores and 69 home stores in prime locations throughout the U.S., and Canada, along with three e-commerce sites.

October 9, 2013

J.C. Penney Co. announced that departing Saks Inc. CEO and chairman Stephen Sadove has been elected to its board of directors.

Plano, Texas -- J.C. Penney Co. announced that departing Saks Inc. CEO and chairman Stephen Sadove has been elected to its board of directors.

Sadove's  election is effective upon his leaving Saks, which will occur once the acquisition of the upscale department store by Hudson's Bay Company is completed, which is expected by the end of the year.

Sadove is a highly regarded industry veteran. He is the current chairman of the National Retail Federation.

September 18, 2013

Saks Inc. plans to open seven new Saks Fifth Avenue Off 5th stores in 2014: The Outlets at Bloomfield in Pearl, Miss.; Potomac Mills in Woodbridge, Va.; Palm Beach Outlets in West Palm Beach, Fla; Outlet Shoppes at Louisville/Lexington, Ky.; Twin Cities of Eagan in Minneapolis, Minn.; The Mayfair Collection in Mayfair, Wis.; and Easton Gateway in Columbus, Ohio.

New York – Saks Inc. plans to open seven new Saks Fifth Avenue Off 5th stores in 2014: The Outlets at Bloomfield in Pearl, Miss.; Potomac Mills in Woodbridge, Va.; Palm Beach Outlets in West Palm Beach, Fla; Outlet Shoppes at Louisville/Lexington, Ky.; Twin Cities of Eagan in Minneapolis, Minn.; The Mayfair Collection in Mayfair, Wis.; and Easton Gateway in Columbus, Ohio.

September 5, 2013

Saks Inc. will open a new flagship store immediately adjacent to its existing location in the Houston Galleria, featuring 198,000 sq. ft. over two levels and a state-of-the-art store design.

Houston -- Saks Inc. will open a new flagship store immediately adjacent to its existing location in the Houston Galleria, featuring 198,000 sq. ft. over two levels and a state-of-the-art store design. The current store will remain open until the new store opens in fall 2015. Once the old store closes, it will be converted to a two-level mall wing connecting the new Saks to Neiman Marcus and adding 35 retailers and restaurants.

August 19, 2013

Saks Inc. on Monday reported a worse than expected second-quarter loss amid disappointing sales of shoes and handbags.

New York -- Saks Inc. on Monday reported a worse than expected second-quarter loss amid disappointing sales of shoes and handbags. 

Saks, which last month reached a deal to be acquired by Canada's Hudson's Bay Co., had a net loss of $19.6 million for the quarter ended Aug. 3, compared with a net loss of $12.3 million a year earlier.

Overall sales rose 0.5% to $707.8 million for the quarter. Same-store sales rose 1.5%, below the 4.5% increase analysts had expected.

July 29, 2013

Hudson’s Bay Company has reached a deal to buy Saks Inc., in a deal that is expected to bring the luxury department store company to Canada.

NEW YORK — Hudson’s Bay Company has reached a deal to buy Saks Inc., in a deal that is expected to bring the luxury department store company to Canada. The Canadian retail conglomerate, which which operates Lord & Taylor in the United States and Hudson Bay in Canada, will purchase Saks for a total of about $2.9 billion. Purchase price includes $16 per share of Saks as well as the assumption of Saks’ debt.

May 21, 2013

Saks Incorporated reported a roughly 5% increase in total sales between first quarter 2012 and first quarter 2013, although net income dropped during that same time period.

New York – Saks Incorporated reported a roughly 5% increase in total sales between first quarter 2012 and first quarter 2013, although net income dropped during that same time period. Total sales for the first quarter of this year were $793.2 million, up from $753.6 million in the first quarter of last year. However, net income of $20 million for first quarter 2013 was down close to 40% from $32.7 million for first quarter 2012. Same store sales increased 5.9%.

February 15, 2013

Saks Inc. announced that it plans to close its Saks Fifth Avenue store located in Stamford Town Center in Stamford, Conn., in early 2014.

New York -- Saks Inc. announced Friday that it plans to close its Saks Fifth Avenue store located in Stamford Town Center in Stamford, Conn., in early 2014.

The shuttering is part of the department store chain’s continued right-sizing strategy. “We routinely evaluate the productivity, profitability, and potential of each of our store locations,” said Steve Sadove, CEO. “This planned closing is consistent with our strategy of utilizing our resources in our most productive Saks Fifth Avenue stores.”

January 29, 2013

Saks Inc. announced Tuesday it will shutter its Saks Fifth Avenue store in the Dallas Galleria on June 15.

New York City -- Saks Inc. announced Tuesday it will shutter its Saks Fifth Avenue store in the Dallas Galleria on June 15. The retailer has operated a store in Dallas since 1982, and the summer closing will leave some 120 associates with the choice of transfer or severance.

Simultaneous with the Saks departure announcement was news from department store chain Belk that it will fill the vacated Galleria space with a $20-million, 170,000-sq.-ft. flagship store that starts construction in July and is slated to open spring 2014. 

January 14, 2013

The National Retail Federation announced that Saks Inc. chairman and CEO Stephen I. Sadove has been elected chairman of the NRF board of directors and chairman of its executive committee.

New York -- The National Retail Federation on Monday announced that Saks Inc. chairman and CEO Stephen I. Sadove has been elected chairman of the NRF board of directors and chairman of its executive committee.

Sadove succeeds NRF’s immediate past chairman, Terry J. Lundgren, chairman, president and CEO of Macy’s.

November 13, 2012

Saks Inc. reported 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%.

November 7, 2012

Saks Inc.’s Saks Fifth Avenue Off 5th announced that it plans to open its doors in Livermore, Calif., on Nov. 8.

New York -- Saks Inc.’s Saks Fifth Avenue Off 5th announced that it plans to open its doors in Livermore, Calif., on Nov. 8.

The new 28,132-sq.-ft. store is located in Paragon Outlets, a new outlet facility located 36 miles east of the heart of San Francisco, which will open in conjunction with Saks Fifth Avenue Off 5th on the same day.

 

October 1, 2012

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 Inc. said 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.

September 6, 2012

Saks Inc. said that it will close its Highland Park, Ill., store, located in Renaissance Place, and its Austin, Texas, store, located in the Arboretum Market.

New York -- Saks Inc. said Thursday that it will close its Highland Park, Ill., store, located in Renaissance Place, and its Austin, Texas, store, located in the Arboretum Market.

Both stores are slated to close on Dec. 31.

August 23, 2012

Saks’ top shareholder Carlos Slim sold 1.5 million of his shares in Saks Inc., remaining the retailer’s No. 1 shareholder but reducing his holdings to 25 million shares.

New York -- On Thursday, Saks’ top shareholder Carlos Slim sold 1.5 million of his shares in Saks Inc., remaining the retailer’s No. 1 shareholder but reducing his holdings to 25 million shares.

The Mexican billionaire, through Inmobiliaria Carso SA De CV, sold the 1.5 million shares on Monday and Tuesday.
 

August 14, 2012

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.

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.

June 13, 2012

Saks Fifth Avenue Off 5th announced that it plans to open a store in Merrimack, Mass., on June 14.

New York -- Saks Fifth Avenue Off 5th announced that it plans to open a store in Merrimack, Mass., on June 14.

The 28,032-sq.-ft. store is located in Merrimack Premium Outlets, a new shopping center 55 miles northwest of Boston. The store’s launch will coincide with the outlet’s grand opening celebration, which will last from June 14 until June 17. Operated by Simon Malls, the Outlet Center will be home to a collection of 100 designer and name-brand outlet stores, up to four restaurants and a food court.

May 15, 2012

Saks Inc. reported that net income for the quarter ended April 28 rose 13.2% to $32.1 million, from $28.4 million last year.

New York -- Saks Inc. reported Tuesday that net income for the quarter ended April 28 rose 13.2% to $32.1 million, from $28.4 million last year.

Revenue for the period climbed 3.8% to $753.6 million, missing Wall Street’s expected $762.6 million. Same-store sales rose 4.8%.

May 14, 2012

Simon Property Group announced that Saks Fifth Avenue Off 5th will open a total of seven new stores in the next two years in its Premium Outlets division, including new centers and existing centers.

Indianapolis -- Simon Property Group announced that Saks Fifth Avenue Off 5th will open a total of seven new stores in the next two years in its Premium Outlets division, including new centers and existing centers.

April 4, 2012

Saks Inc. announced hat Michael Burgess has been named president, Saks Direct, effective May 7.

New York -- Saks Inc. announced hat Michael Burgess has been named president, Saks Direct, effective May 7. Burgess will report to Denise Incandela, executive VP and CMO for Saks Fifth Avenue and current President, Saks Direct.

Burgess has served as executive VP of the consumer division of FTD at United Online since 2008 where he led merchandising, marketing, consumer information technology, and several other functions of the growing FTD North America business segment.
 

April 2, 2012

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 23, 2012

Saks Fifth Avenue Off 5th announced that it plans to reopen its Nashville, Tenn., store on March 29.

New York -- Saks Fifth Avenue Off 5th announced that it plans to reopen its Nashville, Tenn., store on March 29.

Located next to the Grand Ole Opry House, the approximate 27,500-sq.-ft. store will be located in the Opry Mills Shopping Center. Operated by Simon Malls, upon completion, the center will be the largest shopping outlet in Tennessee, with over 200 stores, multiple restaurants and an in-house movie theater.

The reopening marks Saks Fifth Avenue Off 5th’s return to Opry Mills after it was closed by floods in May 2010.

February 21, 2012

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

New York City -- 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%.