NEW YORK (Thomson Financial) - Saks Inc. Thursday said June same-store sales
rose 1.9%, below the mean estimate of analysts polled by Thomson Reuters for
growth of 6.5%.
Total sales for the luxury department store chain were $243.8 million, up
from the $237.6 million reported in June 2007.
Saks forecast "modestly negative" second-quarter same-store sales, with a
relatively flat year-over-year gross margin rate. It expects inventory levels to
remain in-line with its estimates through the rest of the year.
Shares of Saks closed Wednesday at $9.77. The stock is down 53% since the
start of the year.
Ryan Vlastelica
rv/tk1
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