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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)