By and  on November 18, 2008

Saks Inc., citing “widespread weakness” in women’s apparel and the precipitous decline in shopping by the affluent, reported a net loss of $42.8 million for the third quarter ended Nov. 1.

The performance, in stark contrast to a year ago when Saks earned $21.6 million and seemed to be enjoying the fruits of turnaround efforts, triggered a strong response: spring receipts are planned to be down by at least 15 percent, cost-cutting efforts are being intensified, capital expenditures are being slashed, and every brand sold at the store is subject to reevaluation. Some could be taken off the matrix.

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