Saks posts third quarter loss

NEW YORK Saks reported a third quarter net loss of $42.8 million, or 31 cents per share, compared with net income of $21.6 million, or 14 cents per share for the prior year third quarter.

Stephen Sadove, chairman and ceo of the company, noted, “Our sales results and operating performance in the third quarter were well below our initial expectations, reflecting rapidly deteriorating macroeconomic conditions throughout the period.”

The company’s comparable-store sales declined 5.9%, 10.9%, and 16.6% in August, September, and October, respectively, culminating in an 11.5% decline for the quarter. This compares to the 11.4% comparabl-store sales gain reported in last year’s third quarter.

Sadove noted, “The current macroeconomic and retail environment is unprecedented, and consequently, it is impossible to predict future performance with any degree of certainty. As we continue to face these very challenging conditions, we are taking appropriate and decisive measures related to inventory, expenses, and capital spending.”