Saks Inc., amid a retail climate getting increasingly precarious and discount driven, has lowered its sales forecast for the fourth quarter, citing the impact of Hurricane Sandy.
Saks did report gains in third-quarter sales and profits, but projected comparable-store sales will be flat for the fourth quarter while gross margins could be flat to down 50 basis points. Nor was Saks alone: The TJX Cos. Inc. also on Tuesday projected sales flat to 1 percent up in November and flat to 2 percent up in December and January for its Marmaxx Group, composed of TJ Maxx and Marshalls, though the off-pricer had a 7 percent comp-store gain in the third quarter. Other retailers, too, are responding to the storm and the macroeconomic forces by stepping up their discounting and accelerating Black Friday specials.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)