Sales at Saks jump 13% in Q2

At the end of the quarter that closed on July 30, 2011, Saks noted a 13 percent (y-o-y basis) increase in its sales to $670.2 million. Also, the company’s same-store sales went up around 16 percent. Although the three months drew to a close with a loss of $8.4 million, it was an improvement from the loss of $32 million in Q2 of 2010. The retailer’s cost of sales went up 2 percent to $415.6 million. The categories that received good demand at the Saks Fifth Avenue stores included women's apparel, women's shoes, men's apparel, and men's accessories. Also, the consolidated inventories at the end of the quarter rose by 3 percent on y-o-y basis.