Saks posts loss, issues grim report
Luxury goods retailer Saks Inc. reported a wider-than-expected loss for the second quarter and delivered a downbeat forecast for the year as its affluent customers cut back on apparel amid a slowing economy.
Shares of the operator of Saks Fifth Avenue stores tumbled 93 cents, or 8.3%, to $10.29 a share.
The New York-based retailer said it lost $31.7 million, or 23 cents a share, for the three months ended Aug. 2. That compares with a net loss of $24.6 million, or 17 cents, a year earlier. Revenue fell 3.5% to $669.2 million. Thomson Reuters said analysts it surveyed had expected a smaller loss of 19 cents a share on higher revenue of $679.2 million.