Saks Fifth Avenue

NEW YORK — Despite a significant decrease in net income, Saks delivered sales growth as it continues to improve its operating performance. Saks Inc. reported net income for the third quarter of $17.8 million, or 11 cents per diluted share, compared with net income of $36.3 million, or 20 cents per diluted share. 

NEW YORK — Saks announced that Denise Incandela, president Saks Direct and EVP of Saks Fifth Avenue, has been named chief marketing officer for Saks Fifth Avenue, a newly created role. She also will continue as president Saks Direct.

NEW YORK — Customers with expensive taste will have greater access to luxury now that Saks is planning to open five new Off 5th stores throughout the United States. According to the company, these new stores will be located in upscale outlet, lifestyle, or strip centers, and each store will be designed in Off 5TH's unique "luxury in a loft" format. The new stores should have a particular appeal to foreign tourists, who helped drive up same-store sales to about 15% at Saks' flagship New York store.

America is on sale for foreign tourists thanks to the weak U.S. dollar, and it has been a boon for retailers who operate stores in key destinations. Nowhere was this phenomenon more evident than last week when Tiffany & Co. reported spectacular second quarter results that were aided by a 41% sales increase at its flagship New York store. That location is frequented by tourists, and so is the Saks flagship New York location, which reported a second quarter comp increase in the neighborhood of 15%.

SAN FRANCISCO — Williams-Sonoma that its board of directors has elected Rose Marie Bravo to the board.

ST. PETERSBURG, Fla. — HSN announced that Arthur Lewis has been appointed SVP merchandising, digital commerce, effective June 27.  Lewis will report directly to Jill Braff, EVP digital commerce for HSN.

Lewis will oversee HSN's cross-channel merchandising strategy on hsn.com, mobile and tablet platforms.  He will also leverage his extensive digital background to grow all brands and categories of business, including online product exclusives and category expansions, the company reported.

 NEW YORK  — A sluggish economy, cool weather and high prices at the pump tempered retail sales in May, as retailers reported mixed results for the month. Retail Metrics projected an increase of 5.1% for the 25 chains tracked, which would mark the 21st straight monthly gain from September 2009.

Retailers who turned in strong performances in May included Macy’s, with a 7.4% rise in same-store sales when a 5.6% increase was expected. The company lifted its full-year same-stores sales estimate.

NEW YORK — Saks Inc. announced reported net income of $28.4 million, or 16 cents per diluted share, for the first quarter. For the prior year first quarter, the company recorded net income of $18.8 million, or 11 cents per diluted share. 

Stephen Sadove, chairman and CEO, noted, "I am very pleased with our first quarter results. Our improved year-over-year performance was driven by a 10.2% comparable-store sales increase and continued gross margin rate improvement."