SKS - Sector: Services --- Industry: Department Stores

[setravis]

In looking at the chart for Saks Incorporated (NYSE:SKS), you can clearly see that SKS is in danger of heading lower. It was correcting in a channel through most of the summer as it drifted down from its April high near $10.50. It attempted to clear the top of the channel in July but abruptly turned lower a few days later. It is currently testing its July low which could temporarily halt the decline, but it will take much more consolidation to improve the health of its chart.

[setravis]

Up in the Pre-Market...
Volume trading @ 1,649,000 and moving on up !

Saks Incorporated Common Stock(NYSE: SKS)
Pre-Market Real-Time: 8.38  1.78 (26.97%) 8:16AM EDT

Check the 2 year pattern here and on many other stocks...we have Head & Shoulder formations and downward channels still evident. This one may be ready to roll here.

Yesterdays chart...

[setravis]

NEW YORK, Sep 02, 2010 (BUSINESS WIRE) -- Retailer Saks Incorporated (SKS) (the "Company") today announced that owned sales totaled $159.3 million for the four weeks ended August 28, 2010 compared to $160.7 million for the four weeks ended August 29, 2009, a 0.9% decrease. Comparable store sales increased 1.0% for the month.

On a year-to-date basis, for the seven months ended August 28, 2010, owned sales totaled $1,399.5 million compared to $1,332.3 million for the seven months ended August 29, 2009, a 5.0% increase. Comparable store sales increased 4.9% for the seven months.

For August, the strongest categories at Saks Fifth Avenue stores were women's shoes, fine and fashion jewelry, dresses, cosmetics, and women's designer and WEAR apparel. Saks Direct performed well during the month.

As expected, August comparable store sales were negatively impacted due to reduced levels of clearance inventory. Management continues to expect comparable store sales growth in the mid-single digit range for the second half of the fiscal year in the aggregate.

Saks Incorporated operates 49 Saks Fifth Avenue stores, 55 Saks OFF 5TH stores, and saks.com.

SOURCE: Saks Incorporated


Saks Incorporated
Julia Bentley, 865-981-6243

[setravis]

Profile: 

Saks Incorporated
12 East 49th Street
New York, NY 10017
United States - Map
Phone: 212-753-4000
Fax: 212-940-4299
Website: http://www.saksincorporated.com

Details   
Index Membership: S&P 400 MidCap
S&P 1500 Super Comp
Sector: Services
Industry: Department Stores
Full Time Employees: 9,672


Business Summary   
Saks Incorporated, together with its subsidiaries, operates fashion retail stores in the United States. The company’s stores offer a range of luxury fashion apparel, shoes, accessories, jewelry, cosmetics, and gifts. It operates stores under Saks Fifth Avenue (SFA) and Saks Fifth Avenue OFF 5TH (OFF 5th) brand names. SFA stores are principally free-standing stores in shopping destinations or anchor stores in upscale regional malls. OFF 5th stores are primarily located in upscale mixed-use and off-price centers. As of January 30, 2010, Saks operated 53 SFA stores and 55 OFF 5th stores. The company also sells its products through catalogs or Internet at saks.com. It has a credit card strategic alliance with HSBC Bank Nevada, N.A. The company was founded in 1919 and is headquartered in New York, New York.


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[setravis]

Saks profit surges, expects merry Christmas...

On Tuesday November 16, 2010, 9:19 am

NEW YORK (Reuters) - Saks Inc (SKS.N: Quote, Profile, Research, Stock Buzz) posted a higher-than-expected quarterly profit, helped by a surge in luxury spending as financial markets healed and shoppers grew more willing to pay full price for its wares, and the retailer forecast more of the same during the holiday quarter.



Saks, whose shares rose 4.1 percent in premarket trading, said sales at stores open at least a year, or same-store sales, rose 5.7 percent in the third quarter. It expects gains in the "mid-single-digit range" on a percentage basis in the fourth quarter.



Its flagship store on Manhattan's Fifth Avenue, which accounts for about 10 percent of chainwide sales, produced strong results in the third quarter, boosted by spending by tourists and Wall Streeters.



Chief Executive Steve Sadove has often tied the fortunes of the retailer to how well Wall Street is doing, saying shoppers are more willing to splurge if they feel their personal wealth is on safer footing.



"We feel much better about the overall tone of business and the way our customers are responding to our initiatives," Sadove said in a statement, while acknowledging the economic recovery remains tentative.



The department store chain reported a third-quarter profit of $36.3 million, or 20 cents per share, nearly six times the $6.3 million, or 4 cents a share, of a year earlier.



Excluding one-time items, profit was 6 cents per share for the quarter, ended October 30. On average, analysts expected 3 cents, according to Thomson Reuters I/B/E/S.



Net sales rose 4.3 percent to $658.8 million, topping Wall Street expectations for $656 million.



The sales growth has come despite Saks' efforts to pare weak-performing stores. It has closed six department stores this year, leaving it with 47, while opening more of its Off 5th clearance stores. It now operates 56 of those outlets.



Gross profit margin, which measures how much profit is generated directly from sales, rose 2.3 percentage points to 42.6 percent in the third quarter as Saks kept inventories in line with same-store sales gains and reduced discounting.



Inventories were up 5.9 percent on a comparable-store basis at the end of the quarter.



"Having inventory control is critical," said Morningstar analyst Paul Swinand. "You don't want to cheapen your image."



Saks shares were up 46 cents to $11.80 in premarket trading. Last week they hit a 52-week high of $12.22, more than double their price of nearly a year ago.



The shares' climb gained speed last month when Italian businessman Diego Della Valle, the founder of Saks supplier Tod's SpA (TOD.MI: Quote, Profile, Research, Stock Buzz), raised his stake in Saks to 19 percent, prompting speculation about a takeover. But last week Della Valle told Reuters he had no plans to raise his stake further.