Saks Loss Widens to $25.8 Million

Saks Inc., owner of Saks Fifth Avenue and regional department stores, said its fiscal second-quarter loss widened to $25.8 million as the company offered discounts to fight low-price competitors, squeezing profit margins.

The net loss widened to 18 cents a share from $20.4 million, or 14 cents a share, a year earlier. Sales in the period ended Aug. 2 were little changed at $1.24 billion, the Birmingham, Ala.-based retailer said.

Shares of Saks fell 12 cents to $12.13 on the NYSE.