Saks Incorporated (NYSE:SKS) reported Q2 loss of $0.05 versus a year ago loss of $0.21. Revenues rose 15.5% year-over-year to $670 million, better than consensus estimates of $663.84 million.
Stephen I. Sadove, Chairman and Chief Executive Officer of the Company, noted, "Through the second quarter, our customers remained confident and continued to respond to our differentiated merchandise, service initiatives, and creative marketing. With the recent increased volatility and downturn in the financial markets and the overall uncertainty in the macroeconomic environment, we are approaching the fall season a bit more cautiously and will continue to be very strategic with our expense, capital, and inventory spending, making investments in areas with the most potential for profitable growth."
Saks (NYSE:SKS) has a potential upside of 31.4% based on a current price of $9.07 and an average consensus analyst price target of $11.92.