Saks
Incorporated (NYSE: SKS) posted a net loss of $59.6 million, or $.43 per share,
for the six months ended August 1, 2009. Excluding the after-tax loss from
discontinued operations of $0.2 million, the Company recorded a loss from
continuing operations of $59.4 million, or $.43 per share.
Stephen I.
Sadove, Chairman and Chief Executive Officer of the Company, noted, “Although
the economic environment remains difficult, I am extremely pleased with our
expense management, and our gross margin performance exceeded our
expectations.”
“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,” continued Sadove. “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.”
“Managing Selling, General, and Administrative
expenses (“SG&A”) continues to be a top priority,” said Madove. “The entire
organization has embraced diligent expense control and is challenging every
expenditure. We were able to reduce year-over-year SG&A (excluding certain
items) by approximately $33 million in the second quarter (an approximate18%
decrease), far more than our expected reduction of $15 million. As a result, we
leveraged SG&A during the quarter, even on a $95 million sales decline.”
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