NEW YORK — Saks Inc. reduced its losses in the second quarter as its department stores generated higher profits and its Saks Fifth Avenue stores trimmed losses.

Saks has also joined the pack of retailers that will begin to expense options at the onset of the next fiscal year. The firm is projecting that the move will create expenses of 2 cents a share in fiscal 2003, which will grow to approximately 5 cents in 2006.

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