By  on August 19, 2008

Saks Inc. fell deeper into the red in the second quarter, hurt mostly by the sluggish economy, aspirational customers retrenching and an overall tepid response to ready-to-wear.

Net losses rose to $31.7 million, or 23 cents a diluted share, for the quarter ended Aug. 2, compared with a loss of $24.6 million, or 17 cents a share, in the year-ago period. Revenues dipped 3.6 percent to $669.2 million from $694.1 million, while same-store sales were down 4 percent.

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