Saks to Build OFF 5th Business
New York City Saks plans to open new prototype stores as a part of an effort to grow its OFF 5th businesses, Saks chairman and CEO Stephen I. Sadove said during the company’s fourth-quarter conference call.
Sadove said that the first prototype will open in Orlando, Fla. in April. Saks plans to open other new locations later in the year.
The company also expects to expand its 10022-SHOE concept to its Beverly Hills, Houston, Phoenix, Costa Mesa, Calif., San Francisco and Miami locations by the end of 2008.
The company’s flagship store will also be getting some attention this year. According to Sadove, the company will add new vendors and expand existing, productive categories like handbags and women’s designer apparel.
JCPenney reports Feb. comps drop
PLANO, Texas JCPenney today reported that comparable-store sales decreased 6.7% for the four weeks ended March 1, compared with guidance for a low-single digit decrease. In last year’s February period, comparable-store sales increased 1.5%. Total sales in February decreased 4.4%.
JCPenney said that women’s and children’s apparel and family footwear were the best performing merchandise divisions for the February period. The company also commented that its new American Living concept has “enjoyed a good initial customer response.” Home categories and the Southeast region continue to experience the softest results, the company reported.
JCPenney said it expects a low-single digit increase in March comparable-store sales. This is compared to an 11% increase in last year’s period. Total sales for the March period are expected to be about flat.
Target meets Feb. comps goals
MINNEAPOLIS Target today reported that its net retail sales for the four weeks ended March 1 increased 5.9% to $4.4 billion from $4.1 billion for the four weeks ended March 3, 2007. On this same basis, February comparable-store sales increased 0.5%.
“Our comparable store sales performance in February was in line with our planned range,” said Bob Ulrich, chairman and chief executive officer of Target.
Target had called for February comps to be down 1% to up 1%.