Saks’ Loss Widens; Sales Lag at Some Stores
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From Bloomberg News
Saks Inc. said its second-quarter loss widened to $28.9 million because sales lagged at its lower-priced department stores.
The net loss widened to 20 cents a share from $25.8 million, or 18 cents a share, a year earlier, the Birmingham, Ala.-based company said.
Sales rose 9.2% to $1.35 billion, led by a 19% gain at luxury chain Saks Fifth Avenue.
Shares of Saks fell 20 cents to $12 on the NYSE.
