Saks Reports H1 Net Loss of $51.85 Million

Retailer Saks announced a second quarter net loss of $24.6 million, or $0.17 per share. Total sales were $6.94 million, an increase of 14.9 percent from the $6.03 million of the same period last year.

Total sales for the six months rose 15.4 percent from $12.9 million to $14.9 million year-over-year. For this period, the company also recorded a net loss of $51.85 million - $0.39 per share.

Saks Chairman and CEO Stephen Sadove noted, "We are pleased with the significant improvement in our operating performance for the second quarter which primarily was driven by strong comparable store sales growth, substantial gross margin rate expansion, and meaningful expense leverage.

“Nearly all merchandise categories performed well in the quarter, especially men's apparel, accessories, and shoes; women's contemporary and designer sportswear; women's shoes; and handbags. We generated solid performance across all geographies and store sizes…The number of transactions and the average dollars per transaction rose during the quarter.”