Saks 2Q loss narrows as luxury chain offers fewer promotions; 2 more stores to close
By APTuesday, August 17, 2010
Summary Box: Saks narrows 2Q loss, cuts two stores
THE QUARTER: Upscale department store chain Saks Inc. narrowed its second-quarter loss by selling more products at full price and keeping its inventory under tight control.
THE CLOSINGS: Saks announced two more store closings, bringing the total to five this year. It plans to close a store in Plano, Texas, on Saturday and one in Mission Viejo, Calif., in October.
THE CATEGORIES: Shoes, handbags, women’s designer clothing and men’s tailored clothing sold well. Denim, fine jewelry and some areas of contemporary clothing were weaker.
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