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.
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