Saks Incorporated reports that both Chairman and CEO Stephen I. Sadove and President and Chief Merchant Ronald L. Frasch will be be leaving the retailer upon completion of the merger with Hudson's Bay Company. Donald Hess, lead director of Saks board of directors, said, "Steve and Ron have been a great team over the last nine years. They're admired and respected throughout both the company and the retail industry. Their leadership, strategic focus, collaboration, creativity and enthusiasm for the business have molded Saks into an iconic omnichannel luxury retailer."
Stephen I. Sadove
New York -- The National Retail Federation on Monday announced that Saks Inc. chairman and CEO Stephen I. Sadove has been elected chairman of the NRF board of directors and chairman of its executive committee. Sadove succeeds NRF’s immediate past...
The holidays turned out to be a lot brighter at the high end, as four major retailers reported results Tuesday.Wal-Mart, Macy's, Home Depot and Saks Fifth Avenue all reported sales increases for their fourth quarters ending in January. But while Wal-Mart had to lower prices so aggressively that it hurt its profit, retailers focusing on higher-income customers crowed about the solid prices those shoppers paid.For consumers with higher incomes, "I think there's generally more confidence today than there was at this time last year," said Macy's chairman and chief executive Terry J. Lundgren. But, he added where someone is
New York City -- Saks Inc. fourth-quarter net income climbed 48% amid strong sales of handbags, fine jewelry and men's and women's apparel. The earnings topped expectations. For the period ended Jan. 28, Saks earned $37 million, compared with $25 million last year. Quarterly revenue rose 7% to $925.1 million from $866.3 million, beating Wall Street's $918.9 million estimate. Same-store sales were up 7.7%. Saks Direct has an increase of about 21%. Saks said revenue at Off 5th stores open at least a year was weaker than expected. Full-year net income jumped 57% to $74.8 million. Annual revenue climbed