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May 17, 2006
Saks Plans Turnaround After Q1 Sales Slide
Saks’s first quarter sales dipped almost 33 percent to $1.04 billion, in part due to the department store group’s sale of its Carson Pirie Scott operation, it said this week.
Total same store sales were also down by 1.9 percent during the quarter, Saks said.
Inside the group, the Saks Fifth Avenue chain continued to struggle in the first quarter, according to Saks CEO Stephen Sadove.
Sadove told press that the group tried to make marketing and sales changes too quickly and managed to isolate SFA’s core customer base as it pursued younger clientele.
The group is currently working to address the issues at SFA by relaunching its private-label brand and determining key customer profiles by store.
Posted by Blacks on May 17, 2006 08:23 AM
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