By  on June 2, 2011

NEW YORK — Saks Fifth Avenue’s performance is improving yet there’s “a long way to go” before its profitability stacks up to the competition, Saks Inc. chairman and chief executive officer Stephen I. Sadove acknowledged Wednesday.

“We have an objective over the next several years to get ourselves to an 8 percent operating margin. The fundamental thing we need to do is to improve our store productivity. If we can get our store productivity up to a more competitive level, especially with some out-of-town stores, I believe a much higher operating margin is achievable,” Sadove said in response to a shareholder question at the firm’s annual meeting here. Executives declined to disclose sales per square foot, but they are believed to be well under the industry-leading $500-plus achieved by Neiman Marcus in good times.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus