New York City Saks Inc. reported a wider-than-expected loss for the second quarter on Tuesday as its affluent customers cut back on apparel amid a slowing economy.
The retailer said it lost $31.7 million for the three-month period ended Aug. 2. That compares with a net loss of $24.6 million in the year-ago period.
Revenue fell 3.5% to $669.2 million.
Saks said it expects its 2008 operating margins, excluding certain items, to decline from 2007 levels.