Saks: No Update on Sale

BIRMINGHAM, AL-Saks Inc. executives did not give investors and analysts any new information during its quarterly conference call on its intention to sell its Northern department store group or its Club Libby Lu specialty apparel chain. In July , the retailer sold its 47 Southern department stores to Belk for $622 million.

During its Q2, which ended July 30, the company’s 56-store upscale Saks Fifth Avenue chain lost $42.8 million. Though year-over-year same-store sales rose 4.2%, the units were impacted by a decline in gross margin rate and increased operating expenses. Total sales rose 1.7%, to $590 million.

The chain’s New Orleans store is closed indefinitely due to damage from Hurricane Katrina. Among the remodels the company has planned are for units in Atlanta; Boston; Costa Mesa, CA; and San Antonio. The company plans to close units in Fort Worth, TX; Mission Viejo, CA; and Palos Verdes, CA at an undetermined date.