Saks’ OFF 5TH Continues to Expand
New York City Saks Inc. announced it will open new Saks Fifth Avenue OFF 5TH stores in Camarillo, Calif., and Mebane, N.C., in 2009.
The Camarillo store will be located in The Promenade at Camarillo Premium Outlets and will replace an existing OFF 5TH store at Camarillo Premium Outlets. The store is scheduled to open in April 2009.
The Mebane store will be located in Tanger Outlet Center of the Piedmont and is due to open in November 2009.
Additionally, Saks announced plans to open OFF 5TH stores in The Rim in San Antonio, in March 2009; The Legends at Sparks Marina in Reno-Sparks, Nev., in May 2009; and Cincinnati Premium Outlets in Monroe, Ohio in August 2009.
Jo-Ann Stores reports 3Q sales increase, raises outlook
HUDSON, Ohio Jo-Ann Stores reported that net sales for the third quarter ended Nov. 1, were $480.1 million compared to $480.2 million in the prior year. Same-store sales decreased 1.5% versus a same-store sales increase of 2.4% last year.
The company said it expects to report slightly improved third quarter earnings compared to last year’s third quarter earnings of 32 cents per diluted share.
Gap Inc. October comps down 16%
SAN FRANCISCO Gap Inc. reported net sales of $1.08 billion for the four-week period ended Nov. 1, a decrease of 12% as compared with net sales of $1.23 billion for the same period in 2007. Comparable-store sales decreased 16%, compared to an 8% decrease for October 2007.
Comps for Gap decreased 14%, Banana Republic saw a 17% comps drop, Old Navy posted comps of negative 20% and International comps came in at a 5% decrease.
“In October, we continued to deliver merchandise margins significantly above last year despite the tough market conditions,” said cfo Sabrina Simmons. “We are reaffirming our full-year earnings guidance and will continue to use inventory and cost management to offset what we anticipate will be a challenging holiday season.”
For the 13-week third quarter, total company net sales were $3.56 billion, a decrease of 8% from $3.85 billion in 2007. Comparable-store sales decreased 12%, compared with a decrease of 5% in the third quarter of the prior year.
Third-quarter comps fell 7% at Gap, 11% at Banana Republic, 18% at Old Navy and 1% internationally.
Gap Inc. expects diluted EPS on a GAAP basis for the third quarter to be 33 cents to 35 cents, compared with diluted EPS of 30 cents last year. The company reaffirmed that it expects full-year diluted EPS of $1.30 to $1.35 on a GAAP basis, compared with fiscal year 2007 diluted earnings per share of $1.05.