Luxury retailers take hit in February

New York City Luxury stores remained among the retail industry's worst performers in February, as consumers continued to cut back on discretionary purchases. Saks suffered a 26% decline, deeper than the 20.5% drop expected by Wall Street.

The company said it saw continued weakness in all categories, especially in women's apparel. Saks said categories with relative strength in February were fragrances, men's and women's accessories, eveningwear and OFF 5TH, the company's outlet store.

At Neiman Marcus Group, same-store sales fell 24.2%.