Saks Doesn’t Have to Put Things on Sale to Get People to Buy Them Anymore


Sales at Saks are finally up, and without the help of sales and promotions! "We are seeing more full-price selling," CEO Steven Sadove said when he announced stellar third quarter gains the other day. "I don’t think people are euphoric, but luxury has substantially improved, coming off a lower base." Net income for the third quarter totaled $36.3 million, while net income for last year's third quarter was just $6.3 million. If Sadove sounds a little unsure, it might be because $26.7 million of the earnings from this period came from an income-tax reversal. But they still beat estimates, so yay for not having to practically give stuff away anymore. Rich people are shopping again!

Saks 3rd-Qtr. Income Grows More Than Five-Fold [WWD]