Saks Posts Loss in 2Q

Saks Incorporated announced August 17 that it recorded a
net loss of $32.2 million for the second quarter ended July 31.

The results include after-tax charges including lease
termination costs of $10.6 million, primarily related to the planned closings
of the Saks Fifth Avenue stores in Plano, Texas and Mission Viejo, California; and
$1.1 million of severance and other store closing costs primarily related to
the Plano and Mission Viejo store closings as well as the Portland, Oregon; San
Diego, California; and Charleston, South Carolina store closures in July 2010.

Excluding these after-tax charges, Saks would have recorded
a net loss of $20.5 million.  For
last year’s second quarter, the company posted a net loss of $54.5 million.  For the six months ended July 31, the company
recorded a net loss of $13.4 million.

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