Saks Sales fall sharply in October, Q3

Sales at U.S. retailer Saks totaled $219 million in October, an 18.6 percent year-over-year decrease, with comparable store sales decreasing 16.6 percent. Jewelry, together with women's apparel, men's clothing and handbags were the weakest categories at Saks Fifth Avenue in October.

For the third quarter ended November 1, owned sales totaled $692.7 million compared to $790 million for the third quarter of 2007, a 12.3 percent decrease. Comparable store sales decreased 11.5 percent for the third quarter.

On a year-to-date basis, sales in the nine month period totaled $2,210.5 million compared to $2,263.6 million, a 2.3 percent decrease. Comparable store sales decreased 2.2 percent for the nine-month period.

In the prior year, comparable store sales increased 10.6 percent, 11.4 percent and 13.0 percent for the fiscal October, third quarter, and nine-month periods, respectively.

For October, the strongest businesses and categories at Saks Fifth Avenue were Saks Direct, men's shoes, men's contemporary apparel, fragrances, cosmetics and women's outerwear.