NEW YORK — Saks Inc. on Tuesday posted a second-quarter net loss of $12.3 million, or 8 cents a share, but the loss was smaller and the sales gain larger than expectations.
Saks reaffirmed its guidance for midsingle-digit comparable-store sales for fall, gross margin gains of 25 to 50 basis points, and reduced sales, general and administrative costs of 50 to 75 basis points as a percentage of sales, helping to lift its shares up 6 percent on the day to $11.52 from $10.85. Second-quarter retail numbers are typically weaker because it’s a markdown period, while companies make up ground in the third and fourth quarters, when the percentage of full-price selling is higher.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"