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Saks net sales increase by 3% for Q3 in 2012

Published 15 November 2012

US-based department store chain Saks posted a 3% rise in net sales to $713.2m for the third quarter ended 27 October 2012 as against $692.3m for the same quarter ended 29 October 2011.

The firm posted a 3.2% growth in net come for the third quarter to $22.6m, up from $17.7m for the same period in the previous year.

Saks reported an operating income of $40.6m for quarter while net sales for the nine months period ended 27 October 2012 totalled $2.17bn.

Saks chairman and chief executive officer Stephen Sadove said the comparable store sales increase of 3.3% in the third quarter was below their initial expectation but was on top of a very solid 5.8% comparable store sales increase in the prior year third quarter.

"On a year-to-date basis, comparable store sales increased 4.3%, and similarly, this was on top of very strong 10.3% increase in the first nine months of last year." Sadove added.

The Company currently operates 45 Saks Fifth Avenue stores in the US alongside 65 Saks Fifth Avenue OFF 5TH stores, and saks.com.