Saks chairman and CEO Stephen Sadove has been named to the board of directors at J.C. Penney to fill a position being vacated by Geraldine Laybourne. Sadove will be leaving his position at Saks...
The National Retail Federation's Annual Convention & Expo wrapped up yesterday with a roundtable discussion on leadership. Lending their expert advice were seasoned retail leaders Stephen Sadove, chairman and CEO of Saks, who moderated the discussion; Marty Albertson, chairman of Guitar Center; Brian Devine, chairman of PETCO; Angela Ahrendts, CEO of Burberry; and Brenda Malloy, managing director and global retail practice leader, Russell Reynolds Associates.
NEW YORK — Saks Inc. reported a second-quarter net loss of $8.4 million, or 5 cents per diluted share. For last year’s second quarter, the company posted a net loss of $32.2 million, or 21 cents per share. Revenue rose 13% to $670.2 million from $593.1 million, beating Wall Street's $657.4 million. Same-store sales surged 15.5%, surpassing Saks' expectations. Stephen Sadove, chairman and CEO of the company, noted, “I am very pleased with the significant improvement in our operating performance for the second quarter and six months ended July 30, 2011 which resulted from strong comparable-store sales growth, continued
Citing a strong rebound in luxury spending, Saks reported net income for the quarter ended April 30 soared 51 percent to $28.4 million, compared with $18.8 million in the year-ago period.
NEW YORK (Dow Jones)--Saks Inc. (SKS) Chairman and Chief Executive Stephen Sadove sold holdings shortly after reporting strong sales numbers, as did eight of his top lieutenants at the upscale department store.