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Saks Closing Stores, but Sales Increase

The luxury chain posted better-than-expected results and plans to close five stores this year.

By Ian Ritter | Updated on August 18, 2010

Luxury department-store chain Saks Inc. is experiencing a sales rebound, even if it is closing stores during that boost. The retailer announced during its second-quarter results that it is closing a total of five stores this year and named locations in Plano, TX and Mission Viejo, CA as the latest to go dark.

Saks’ sales are up, though, with same-store revenues increasing 4.6% and management predicting similar increases for the rest of the year. The need to discount less is apparently helping the chain.

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