Retailer Saks Inc. (SKS) reported a second-quarter net loss of $32.2 million, or 21 cents per diluted share, compared with a net loss of $54.5 million, or 39 cents per share, in the second quarter of 2009.

The results for the second quarter of 2010 include after-tax charges of $11.7 million, or 8 cents per share, related to net lease termination costs and $1.1 million of severance and other store closing costs.

The company announced today that it is closing its Saks Fifth Avenue stores in Plano, Texas and Mission Vieja, California. Both stores will close this year. The company also shut stores in Portland, Oregon; San Diego, California and Charleston, South Carolina in July.

Without these after-tax charges, Saks would have recorded a net loss of $20.5 million, or 13 cents per share, for the second quarter.

"I am pleased with the meaningful improvement in our operating performance for the second quarter and six months ended July 31, 2010 (excluding the previously mentioned store closing costs)," CEO Stephen Sadove said in a statement.

Total sales for the quarter were $593.1 million, up from $564.5 million in the second quarter of 2009.

Comparable store sales rose 4.6% in the second quarter, and Saks forecast that comparable store sales will rise in the "mid-single digit range" for the full fiscal year.

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bobpu

so what they have made millions at the expense of consumers all these years and their exec are still making a killing, maybe they can give some of their fortunes back to their worker bes before they let them go as cost cutting measures.

August 19 2010 at 12:57 AM Report abuse rate up rate down Reply
1 reply to bobpu's comment
loriboxer

They didn't make millions at the expense of anyone. People FREELY chose to shop there. It's definitely not a store that I would be able to afford, but capitalism is capitalism. They weren't stealing from the poor; they charged would the market would allow, what wealthier people would pay. You sound like an Obama supporter ... you know, the type who demonizes what they want to control. Remember this: It's rich people that buy, it's rich people that start companies and hire people. So now that Saks will close all those stores, think of the few thousand workers who will be out of a job.

August 19 2010 at 1:50 AM Report abuse +1 rate up rate down Reply
Faye Richmond

I have been in the Raleigh,NC store twice. Its too expensive for my pocketbook. The people in there were very nice.

August 19 2010 at 12:16 AM Report abuse rate up rate down Reply
enferno

SAKS PRICES ARE SO HIGH WATCH THIS

August 18 2010 at 10:31 PM Report abuse rate up rate down Reply
1 reply to enferno's comment
mrrstwn5

It's almost surprising that the Short Hills, N.J store is still supposedly doing well. As you walk through the different departments it seems like there is always so little inventory. I guess people still shop there, but many times it seems like people are just "cutting through" the store to get to the Mall itself.

August 18 2010 at 9:55 PM Report abuse rate up rate down Reply
Jim

Stuck up snobs selling overpriced crap............I can't believe it didn't work!!

August 18 2010 at 9:16 PM Report abuse rate up rate down Reply
hrhjonii

I use the bathroom in the NYC store whenIm in mid town;its clean and the a/c is refreshing ,but as far as buying naything there.....Not a chance. The prices are way out of line, the so called quality is not there even if one spends thousands for a garment its made badly and in most cases overseas. They do not carry all sizes and the sales people do tend to pass you by if you do not fit the profile of the typical Saks customer. I do resent the fact that the moment you stop at the cosmetics counter some one jumps on you to buy some astronimically expensive face cream which does nothing but put a hole in your wallet and leaves you the same as you were before...Some advice to the executives lower your profit magin and you'll sell more.

August 18 2010 at 8:39 PM Report abuse rate up rate down Reply
metalgddess

uh oh. I better get my Saks Card out and charge it up!

August 18 2010 at 7:24 PM Report abuse rate up rate down Reply
Brock

That's too bad; the store in Atlanta does very well and the store personnel are wonderful, helpful but not intrusive. Bloomingdales at Lenox Square is another good store with great employees, and Neiman Marcus stands alone with great wares and helpful folk. I have no idea where most of these posters have gotten these negative reviews; please, tho, do NOT move to Atlanta!

August 18 2010 at 5:17 PM Report abuse rate up rate down Reply
1 reply to Brock's comment
QTPYE4YOU

Well I have had nothing but problems with the Atlanta store - Kathy the store manager was very nice to me but only after one of her in store employees was way out of line with me - Her name is Pam and she work in the administrative office - So after her VERY VERY RUDE BEHAVIOR! Saks decided to still keep her ! So I would say that it is a good thing that Saks is losing money after they decided to keep such a rude employee ! They have LOST MY business FOREVER or TILL THEY GET RIDE OF HER ! So I find that I am treated MUCH MUCH BETTER at Neiman Marcus, and the Atlanta store is wonderful now that it has been redone ! The restaurant is also very very good !

August 18 2010 at 7:47 PM Report abuse rate up rate down Reply
paulgutman

My cousin reported being treated very rudely by Saks employees in Palm Beach county. She was told, when inquiring about an item, that she should go to KMart down the road; that this is the place for people like her. Her casual attire probably gave the clerks the opinion that she was a "low class" customer not worth their time. She, nor any member of her large family and ours that include doctors, lawyers, and real estate professionals never again went to a Saks. She was an executive in Palm Beach County. I am amazed that these minimum wage clerks dare judge other people. Saks could have grown their business but chose to be artifically elitist. Now they have their just desserts. Maybe they'll follow KMart and go bankrupt...too bad....What goes around comes around!!!

August 18 2010 at 4:44 PM Report abuse -1 rate up rate down Reply
Kristen

SAKS when are you going out of business so I can go shop??! The next one whose going down hill is Neiman n Marcus. :)

August 18 2010 at 4:14 PM Report abuse +1 rate up rate down Reply
1 reply to Kristen's comment
shakejay

Why don't you learn how to spell before you type the BS you typed? It's Neiman Marcus there is no N in between the names. Geez no wonder you can't afford to shop in quality stores.

August 18 2010 at 5:07 PM Report abuse rate up rate down Reply