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Saks Q2 misses as loss widens
New York -- Saks Inc. on Monday reported a worse than expected second-quarter loss amid disappointing sales of shoes and handbags.
Saks, which last month reached a deal to be acquired by Canada's Hudson's Bay Co., had a net loss of $19.6 million for the quarter ended Aug. 3, compared with a net loss of $12.3 million a year earlier.
Overall sales rose 0.5% to $707.8 million for the quarter. Same-store sales rose 1.5%, below the 4.5% increase analysts had expected.
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Survey: Canadian shoppers not impressed with Target
NEW YORK — Canadian shoppers aren’t wowed by Target Corp., according to a customer-satisfaction rating survey by Forum Research. As reported in The Globe and Mail, the survey ranked Target at the bottom of a list of major retailers operating in Canada. (Satisfaction as measured by the survey relates to service, prices and/or merchandise offering.)
Over all, Target scored a mean 2.7 out of 4, compared with Costco’s 3.5, Wal-Mart’s 3.1 and a 3.2 average.