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Saks Q3 profit plummets, but beats Street
New York City -- Saks Inc. reported Tuesday that profit for the quarter ended Oct. 29 slid to $17.8 million from $36.3 million a year earlier, still beating Wall Street expectations. Last year’s results were boosted by a large tax reserve-related gain.
Revenue rose 5% to $692.3 million from $658.8 million, surpassing analysts’ predictions of $690.6 million. Results were boosted by more full-price selling and fewer promotions.
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Report: New York City world’s most expensive retail destination
Los Angeles -- A report released Tuesday by CBRE Group said that New York City remains the world’s most expensive shopping destination as retailers focus on the major fashion capitals.
“Retailers continued to expand their store networks to gain market share during the third quarter despite concerns regarding consumer confidence,” said Anthony Buono, CBRE executive managing director of retail services.