Saks News

Luxury retailer Saks Inc. on Friday restated its third-quarter profit to add a $4.4 million tax benefit, bumping its net income to $6.3 million from $1.9 million.

NEW YORK a ' A decline in sales at the nation's retailers in November after two consecutive months of gains is an ominous warning sign for the holiday shopping season and for an economy in the early stages of a fragile recovery.

In a stunning step backward, the nation's retailers suffered an unexpected sales slump in November, a poor start to the holiday season and an ominous sign for the fragile economic recovery.

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Saks Inc. , the New York-based luxury retailer, offered smaller discounts in November than last year and cut inventories to help shrink losses at the expense of sales.

Shares of department store operators mostly declined Thursday as many reported lackluster November sales at stores open at least a year.

Strength in online and catalog sales and easier year-ago comparisons helped luxury retailer Neiman Marcus Inc.'s November sales results.

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American International Group Downbeat analyst remarks about the insurer sent shares tumbling 15%. Bernstein Research questioned AIG's reserve level and slashed the price target to $12 from $20. Saks Shares of the retailer slid 6.4% on worries that Saks' same-store sales would be worse than expected.

Investors took a dim view of holiday retail sales after a weak Black Friday weekend, with Amazon.com Inc one of the few stocks to rise on hopes it was gaining a greater share of consumer spending.

Standard & Poor's Ratings Services upgraded its outlook on high-end department store retailer Saks Inc.

In this Aug. 28, 2009 file photo, a sign is shown at the New York Stock Exchange in New York.

Microsoft has joined forces with New York's Saks Fifth Avenue department store, using Windows 7 and other Microsoft products in the presentation of the store's annual holiday window display, while also creating in-store lounges featuring Windows 7-based PCs.

The lackluster spending could pressure retail stocks on Monday as some investors were looking for a stronger showing compared with a year earlier, when consumers were being hammered by the recession and credit crunch.

Sales may have risen only slightly on Black Friday as U.S. shoppers sought deals on electronics, toys and clothes, but retailers appeared to have been better-prepared to protect margins against tepid results.

Some shoppers lined up all night for a chance to cash in on "Black Friday" deals, but investors were in no mood for buying as the retail sector followed the broader market deep into the red.

As part of the window displays, Microsoft has set up a screen displaying a live Twitter stream, with posts hashtagged HolidayWindows automatically showing up on the display.

Retail stocks were cheered Wednesday after upscale retailers Tiffany & Co. and J. Crew Group Inc.

Luxury-jewelry retailer Tiffany & Co. posted a better-than-expected third-quarter profit after demand proved stronger than expected from the U.S. and the U.K. to China and Singapore.