Saks reports Q2 loss

NEW YORK, N.Y. The company posted a net loss of $54.5 million, or 39 cents per share. For the prior year second quarter ended Aug. 2, Saks recorded a net loss of $32.7 million, or 24 cents per share.

Comparable-store sales for the second quarter fell 15.5%, which was in line with expectations according to Stephen Sadove, chairman and CEO of the company.

“Although the economic environment remains difficult, I am extremely pleased with our expense management, and our gross margin performance exceeded our expectations,” said Sadove

Sadove continued, “The Saks team has diligently managed inventories, expenses, and capital spending throughout this challenging period and has also made adjustments to our merchandising, marketing, and service strategies. With the steps we have taken and others underway, we continue to position ourselves to emerge as an even stronger and more efficient company when the overall economy improves.