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

By
Photo: Paul Hawthorne/Getty Images

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]