Saks Has No New Stores Planned

NEW YORK CITY-Saks Fifth Avenue does not have any new stores in the works this year, said company executives during an investor presentation at their flagship store here. “We are currently looking on a regular basis,” said Fred Wilson, chairman and CEO of Saks Fifth Avenue Enterprises.

If the retailer does open any stores in the near future, they would likely be full-line stores and not the smaller, stand-alone units it has opened in the last few years, Wilson said. Last year the chain, which operates 57 Saks Fifth Avenue units and 52 Saks Off 5th outlets, announced 10 closings across the country. Seven of the 10 have already closed, Wilson said.

For all of 2004, the upscale chain’s same-store sales increased 11% over the year before, and operating income jumped 19% to $125 million. The year Wilson said he plans a mid-single-digit same-store sales increase for the stores.