Saks Inc. said Thursday sales at stores open at least a year rose 0.7 percent in October, beating analyst estimates of a decline. Analysts polled by Thomson Reuters expected the metric would fall 3.6 percent. These sales figures are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones. Total sales for the four-week period ended Nov. 1 rose 1.8 percent, to $219.8 million. For the third quarter ended October 31, total sales fell 8.7 percent $622.7 million, while sales at stores open at least a year fell 10.1 percent. Saks said it saw continued weakness in October, but categories like women's designer sportswear, jewelry and outwear showed relative strength. The company said its online division, Saks Direct, and Saks Off 5th, its outlet brand that offers discount designer clothing and accessories, were relatively strong during the month. The company maintained that it will have a mid-to-high single-digit decline in sales at stores open at least a year during the second half of the fiscal year. Shares fell 7 cents to $5.50 in morning trading. |