Saks loss widens in Q2, beats forecasts

New York City Saks reported Tuesday that its second-quarter loss widened on reduced luxury spending, but the loss was less than analysts had projected.

The retailer lost $54.5 million in the quarter ended Aug. 1, compared with a loss of $32.7 million a year earlier.

Revenue fell 14.5% to $561.7 million. Same-store sales fell 15.5%.

CEO Stephen Sadove said in a statement he was pleased with the company's expense management.

By division, Saks’ Off 5th outlet stores outperformed the full-price stores, and the New York flagship store continued to do worse than the company as a whole.