Luxury department-store chain Saks Inc. is experiencing a sales rebound, even if it is closing stores during that boost. The retailer announced during its second-quarter results that it is closing a total of five stores this year and named locations in Plano, TX and Mission Viejo, CA as the latest to go dark.
Saks' sales are up, though, with same-store revenues increasing 4.6% and management predicting similar increases for the rest of the year. The need to discount less is apparently helping the chain.
Saks is still losing money. Its net loss was $32.2 million, less than the $54.5 million that it bled a year ago during the same period.
Do you see the improvement continuing for luxury players like Saks or is the economy still too uncertain for any kind of sustained lift?
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