Saks key March rev. figure rises 6.3 pct
Saks posts 6.3 pct. Increase in revenue at stores open at least a year, matches expectations
NEW YORK (AP) -- Saks Inc. said Thursday its revenue at stores open at least a year rose 6.3 percent in March on strong demand for contemporary apparel, accessories and other items.
The results matched average Wall Street predictions. Analysts polled by Thompson Reuters also expected a 6.3 percent increase.
The metric is a key measure if a retailer's health because it excludes sales at stores that opened or closed during the past year.
For the five weeks ended March 31, total sales rose 6.3 percent to $276.5 million.
Saks said its top selling categories for the month included men's and women's contemporary apparel, fine jewelry, handbags, men's accessories and shoes, and men's tailored clothing.
For the first two months of the year, sales at stores open at least a year rose 6.4 percent, while total sales rose 6.2 percent to $484.4 million.
New York-based Saks operates 45 Saks Fifth Avenue stores, along with 61 outlet stores.
