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Saks’ Sales Rebound Continues, but Now Its Off-Price Business Is Struggling

Saks Fifth Avenue shoppers are flocking to the department store’s full-price wares — but discount chain Saks Off 5th is still struggling to draw in customers.
Parent company HBC reported second-quarter 2018 earnings on Wednesday and blamed widened losses on weaker-than-expected sales at Lord & Taylor and Off 5th. The company posted a net loss of C$147 million ($112.65 million), or 62 Canadian cents a share for the quarter ended Aug. 4, compared with a net loss of C$100 million, or 55 cents per share, a year earlier.
Still, this beat analysts’ forecasts of a loss of 67 cents per share, and the company’s shares rose 5 percent in morning trading. HBC also reported improved margins, raising adjusted earnings before interest, taxes, depreciation and amortization, to C$33 million from C$3 million during the same period in 2017.
The most obvious bright spot amid the results, though, was a 6 percent rise in comparable sales at Saks Fifth Avenue, which puts the department store’s rebound about on par with its competitors. (Nordstrom reported a 4 percent growth in comp sales in its last earnings report, while Neiman Marcus held strong at 6 percent.)
Helena Foulkes, HBC’s CEO, called Saks’ performance “especially encouraging,” saying: “The business’s

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Via:: https://footwearnews.com/2018/business/earnings/saks-fifth-avenue-sales-hbc-q2-earnings-1202675692/