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Luxury, Private Labels Offer Hope but Can’t Stem Saks’ Red Ink

Despite its second-quarter net loss of $11.3 million, Saks Inc. thinks luxury might be set to rebound and private labels can lift its department stores.

Overall, for the first half of the fiscal year, Saks narrowed its net loss to $11.3 million, or 8 cents a diluted share, from $45.8 million, or 32 cents, a year ago. Saks said this year’s results included aftertax gains of $4.5 million, or 3 cents, from the sale of the credit card business and the gain from store closures and real estate sales. Last year’s bottom line was essentially neutralized by aftertax charges for an accounting change of $47.3 million, or 32 cents.

Consolidated sales for the six months ticked down 1.2 percent to $2.62 billion from $2.66 billion a year ago, and same-store sales fell 2.1 percent.
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