Saks Loss Widens to $25.8 Million
From Bloomberg News
Saks Inc., owner of Saks Fifth Avenue and regional department stores, said its fiscal second-quarter loss widened to $25.8 million as the company offered discounts to fight low-price competitors, squeezing profit margins.
The net loss widened to 18 cents a share from $20.4 million, or 14 cents a share, a year earlier. Sales in the period ended Aug. 2 were little changed at $1.24 billion, the Birmingham, Ala.-based retailer said.
Shares of Saks fell 12 cents to $12.13 on the NYSE.
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