News Summary: Saks beats estimates

AP News
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Posted: Aug 14, 2012 2:56 PM

THE PERFORMANCE: Saks Inc. saw its loss widen in the second quarter from a year ago, as results were dragged down by charges related to closing stores and opening a fulfillment center in Tennessee. But the results were better than Wall Street expected. Total revenue was up 5 percent.

BEHIND THE NUMBERS: Despite an uncertain economy, the luxury retailer continues to see its wealthy shoppers remain resilient.

THE OUTLOOK: Saks said it continues to believe that revenue at stores opened at least a year should be up in the mid-single digits for the second half of the year.