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Neiman Marcus Sales Drop 25%
(Source: Wall Street Journal)
Weak sales and heavy discounting drove Neiman Marcus Group to a $168.5 million loss for its most-recent quarter. Excluding accounting charges, the loss was $25.4 million, compared to a loss of $4.3 million in the comparable period last year. . . . keep reading
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Saks Shareholders Vote Against Management on Board
Shareholders in Saks Inc. expressed their frustration at poor performance by approving several proposals designed to make the company's board of directors more accountable. The executive team at Saks had urged shareholders to vote against the proposals. . . . keep reading
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Saks Comparable Store Sales Down 27.6%
(Source: LuxuryBrandNetwork.com)
Saks reported a net loss of $5.1 million for the three month period ended 2 May, with continued weakness across all merchandise categories, geographies and channels of distribution. Revenue for the quarter fell 26.9% to $621.3 million with same store sales down 27.6%. The company's New York flagship store showed particular weakness. . . . keep reading
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Tod's Chief Buys Saks Stake
The Chairman and CEO of Italy's Tod's Group has bought a major stake in troubled retailer Saks, documents filed with the Securities and Exchange Commission show. . . . keep reading
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Suffering Continues for Luxe Retail
(Source: LuxuryBrandNetwork.com)
Sales data shows that cutbacks in spending by affluent consumers are intensifying. In the retail sector during the fourth quarter, Nordstrom reported a same-store sales decline of 13%, with full-line stores dropping an even more significant 16%. That led to a 68% decline in fourth quarter profit. . . . keep reading
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Saks Board Moves to Block Takeover by Mexico's Slim (12/1)
(Source: LuxuryBrandNetwork.com)
The board of Saks Fifth Avenue has approved a measure that penalizes anyone who accumulates more than 20% of its stock without its prior approval. The so-called "Poison Pill" was adopted to prevent Mexican billionaire Carlos Slim Helu from attaining control of the company. . . . keep reading
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