Saks ends July quarter with increased sales

Saks Incorporated closed its quarter ending July 31, 2010 with a 5 percent increase in sales to $593 million y-o-y. In this period, there was a net loss of $32.2 million, from $60 million worth of net loss in the corresponding period last year. The company attributes its loss to various operational costs.

Same-store sales increased 4.6 percent and amongst the merchandise, categories of fashion jewellery, shoes, handbags, women's designer and wear apparel and men's tailored clothing and accessories did well. The cost of sales dipped 5.5 percent to $371 million.

The company stated that the results were better than expected and although the retail environment seems more stable with an improved economy, it is maintaining a cautious outlook for the period ahead.