On Tuesday, Saks Fifth Avenue chain reported huge loss for the 2Q. According to the report, Saks’ well off customers cut back on apparel in the course of a sluggish economy and it was basic factor behind that wider-than-expected loss.
The operator of luxury goods retailer also predicted lackluster in activity during the rest of the year.
In premarket trading, Saks shares tumbled around 14 percent, dropping $1.57 to $9.65.
According to Saks, it had to bear 23 cents per share or $ 31.7 million loss during the second quarter that ended on Aug. 2. For the same period a year back, the net loss was reported 17 cents per share or $ 24.6 million as net loss. The retailer revenue dropped 3.5 percent to $669.2 million.
Thomson Reuters tells that the surveys were suggesting a smaller loss of 19 cents per share on the high proceeds of $679.2 million.
