<PAGE>
Exhibit 99.2
Series 1998-1 Monthly Certificateholders' Statement for the month of May 2000
<PAGE>
Series 1998-1
Monthly Certificateholder's Statement
Younkers Master Trust Series 1995-1
Saks Credit Card Master Trust Series 1998-1
Pursuant to the Master Pooling and Servicing Agreement dated as of August 21,
1997 (as amended or supplemented, the "Pooling and Servicing Agreement"), as
supplemented by the Series 1998-1 Supplement, dated as of May 6, 1998 (the
"Supplement" and together with the Pooling and Servicing Agreement, the
"Agreement") each between Saks Credit Corporation (as successor to Proffitt's
Credit Corporation) as Transferor, Saks Incorporated (formerly known as
Proffitt's, Inc.) as Servicer, and Norwest Bank Minnesota, National Association
as Trustee, the Servicer is required to prepare certain information each month
regarding distributions to Certificateholders and the performance of the Trust.
All references herein to Younkers Master Trust Series 1995-1 and Saks Credit
Card Master Trust Series 1998-1 are used interchangeably. The information with
respect to Series 1998-1 is set forth below:
Date of the Certificate June 10, 2000
Monthly Period ending: May 31, 2000
Determination Date June 10, 2000
Distribution Date June 15, 2000
<TABLE>
<CAPTION>
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General
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<S> <C> <C> <C> <C> <C>
201 Amortization Period Yes 201
202 Early Amortization Period No 202
203 Class A Investor Amount paid in full No 203
204 Class B Investor Amount paid in full No 204
205 Class C Investor Amount paid in full No 205
206 Saks Incorporated is the Servicer Yes 206
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Investor Amount
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as of the end of
as of the end of the prior the relevant
Monthly Period Monthly Period
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207 Series 1998-1 Investor Amount $ 91,500,000 207(a) $ 91,500,000 207(b)
208 Class A Investor Amount $ 67,000,000 208(a) $ 67,000,000 208(b)
209 Class B Investor Amount $ 8,000,000 209(a) $ 8,000,000 209(b)
210 Class C Investor Amount $ 16,500,000 210(a) $ 16,500,000 210(b)
211 Series 1998-1 Adjusted Investor Amount $ 91,500,000 211(a) $ - 211(b)
212 Series 1998-1 Investor Amount $ 91,500,000 212(a) $ 91,500,000 212(b)
213 Principal Account Balance $ - 213(a) $ 91,500,000 213(b)
214 Class A Certificate Rate 6.43% 214
215 Class B Certificate Rate 6.61% 215
216 Class C Certificate Rate 0.00% 216
217 Weighted average interest rate for
Series 1998-1 5.29% 217
as of the end of
for the relevant the relevant
Monthly Period Monthly Period
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218 Series 1998-1 Investor Percentage with
respect to Finance Charge Receivables 7.79% 218(a) 0.00% 218(b)
219 Class A 5.71% 219(a) 0.00% 219(b)
220 Class B 0.68% 220(a) 0.00% 220(b)
221 Class C 1.41% 221(a) 0.00% 221(b)
222 Series 1998-1 Investor Percentage with
respect to Principal 7.79% 222(a) 0.00% 222(b)
223 Class A 5.71% 223(a) 0.00% 223(b)
224 Class B 0.68% 224(a) 0.00% 224(b)
225 Class C 1.41% 225(a) 0.00% 225(b)
226 Series 1998-1 Investor Percentage
with respect to Default Amounts 7.79% 226(a) 0.00% 226(b)
227 Class A 5.71% 227(a) 0.00% 227(b)
228 Class B 0.68% 228(a) 0.00% 228(b)
229 Class C 1.41% 229(a) 0.00% 229(b)
</TABLE>
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Series 1998-1
<TABLE>
<CAPTION>
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Series 1998-1 Investor Distributions
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<S> <C> <C> <C>
230 The sum of the daily allocations of collections of Principal Receivables for
the relevant Monthly Period $ 91,500.00 230
231 Class A distribution of collections of Principal Receivables per $1,000 of
original principal amount $ 67,000.00 231
232 Class B distribution of collections of Principal Receivables per $1,000 of
original principal amount $ 8,000.00 232
233 Class C distribution of collections of Principal Receivables per $1,000 of
original principal amount $ 16,500.00 233
234 Class A distribution attributable to interest per $1,000 of original
principal amount $ 5.36 234
235 Class B distribution attributable to interest per $1,000 of original
principal amount $ 5.51 235
236 Class C distribution attributable to interest per $1,000 of original
principal amount $ - 236
237 Monthly Servicing Fee for the next succeeding Distribution Date per $1,000 of
original principal amount $ 1.67 237
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Collections Allocated to Series 1998-1
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Allocations of Finance Charge Collections
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238 Investor allocation of Finance Charge Collections during the Collection
Period pursuant to Section 4.4 $ 1,657,697 238
239 Investment earnings during Collection Period of Series Accounts to be treated
as investor Finance Charge Collections: $ 352,927 239
240 (a) Collection Account $ - 240
241 (b) Reserve Account $ 1,501 241
242 (c) Principal Account $ 351,425 242
243 Monthly Finance Charge Allocation prior to allocation of Shared Finance
Charge Collections (line 238 + line 239) $ 2,010,623 243
244 "Reserve Draw Amount" for the Distribution Date (pursuant to Section 4.9 (b)) $ - 244
245 "Reserve Account Surplus" for the Distribution Date (pursuant to Section
4.9(c)) $ - 245
246 Final Reserve Account disbursement (pursuant to Section 4.9 (d)) $ - 246
247 Total allocations of Finance Charge Collections during the Relevant Monthly
Period (sum of line 243, line 244, line 245 and line 246) $ 2,010,623 247
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Application of Finance Charge Collections
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248 Shared Finance Charge Collections allocated to Series 1998-1 to cover the
Total Deficiency Amount pursuant to Section 4.6 $ - 248
249 Class A Monthly Interest plus the amount of any previous month's Class A
interest Shortfall plus any Class A Additional Interest (Section 4.6 (a)) $ 359,008 249
250 Class B Monthly Interest plus the amount of any previous month's Class B
Interest Shortfall plus any Class B Additional Interest (Section 4.6 (a)) $ 44,067 250
251 Investor Monthly Servicing Fee due for the relevant Monthly Period (Section
4.6 (c)) $ 152,500 251
252 Investor Monthly Servicing Fee due but not distributed to the Servicer for
prior Monthly Periods (Section 4.6 (c)) $ - 252
253 Investor Default Amount (Section 4.6 (d)) $ 257,228 253
254 Unpaid Deposit Obligation (Section 4.6 (e)) $ - 254
255 Aggregate amount of Class A Investor Charge-Offs which have not been
previously reimbursed (Section 4.6 (f)) $ - 255
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Series 1998-1
<TABLE>
<S> <C> <C> <C>
256 An amount equal to any unreimbursed reductions of the Class B
Investor Amount, if any, due to (i) Reallocated Principal Collections and
(ii) Class B Investor Charge-Offs (Section 4.6 (f)) $ - 256
257 An amount equal to any unreimbursed reductions of the Class C
Investor Amount, if any, due to (i) Reallocated Principal Collections and
(ii) Class C Investor Charge-Offs (Section 4.6 (f)) $ - 257
258 Excess, if any, of the Required Reserve Account Amount over the
amount on deposit in the Reserve Account (Section 4.6 (g)) $ - 258
259 Class C Certificate Interest accrued and unpaid in respect of the
portion of the Class C Investor Amount held by Persons other than the
Servicer or its Affiliates (Section 4.6(h)) $ - 259
260 Excess Spread $ 1,197,821 260
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Determination of Monthly Principal
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During the Accumulation Period
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261 Monthly Total Principal Allocation (Section 4.4 (b)(ii)) prior to the
inclusion of amounts in lines 262 and 263 below $ 18,474,027 261
262 Shared Principal Collections allocated to the Series $ 73,025,973 262
263 Amounts included in calculation of Excess Spread to be included in
Collections of Principal Receivables (Section 4.6 (d),(e),(f)) $ - 263
264 Monthly Total Principal Allocation (Section 4.4 (b)(ii)) $ 91,500,000 264
265 Controlled Deposit Amount $ 91,500,000 265
266 Controlled Deposit Amount for the relevant Monthly Period during the
Accumulation Period $ 91,500,000 266
267 Deficit Controlled Deposit Amount for the preceding Monthly Period $ - 267
268 Excess of the Monthly Total Principal Allocation over the Controlled
Deposit Amount to be paid to the holder of the Exchangeable
Transferor Certificate $ - 268
269 Deficit Controlled Deposit Amount for the relevant Monthly Period $ - 269
270 Total amount deposited to the Principal Account $ 91,500,000 270
During the Rapid Amortization Period
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271 Monthly Total Principal Allocation (Section 4.4 (b)(ii)) prior to the
inclusion of amounts in line 272 below $ - 271
272 Amounts included in calculation of Excess Spread to be included in
Collections of Principal Receivables (Section 4.6 (d),(e),(f)) $ - 272
273 Monthly Total Principal Allocation (Section 4.4 (b)(ii)) $ - 273
274 Lesser of the Monthly Total Principal Allocation and the Adjusted
Investor Amount (Section 4.4 (c)(ii)) $ - 274
275 Shared Principal Collections allocable to the Series 1998-1 Certificate
(to the extent the Adjusted Investor Amount exceeds the balance of the
Principal Account after giving effect to line 274) $ - 275
276 Total Amount deposited to the Principal Account $ - 276
277 Principal Account balance after deposit to Principal Account for
relevant Monthly Period $ 91,500,000 277
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Reallocated Principal Collections
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278 Reallocated Principal Collections $ - 278
279 Class C Reallocated Amount (to the extent needed to fund excess of
Total Deficiency Amount over Investor Default Amount) $ - 279
280 Class B Reallocated Amount (to the extent needed to fund excess of
Total Deficiency Amount over Investor Default Amount) $ - 280
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Series 1998-1
<TABLE>
<CAPTION>
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Total Deficiency Amount and Investor Charge-Offs
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<S> <C> <C> <C>
281 Monthly Finance Charge Allocation prior to allocation of Shared
Finance Charge Collections $ 2,010,623 281
282 Total Monthly Payment $ 812,803 282
283 Class A Certificate Interest $ 359,008 283
284 Class B Certificate Interest $ 44,067 284
285 Investor Monthly Servicing Fee $ 152,500 285
286 Investor Default Amount $ 257,228 286
287 Unpaid Deposit Obligation $ - 287
288 Total Deficiency Amount prior to allocation of Shared Finance Charge
Collections (excess of line 282 over line 281) $ - 288
289 Allocation of Shared Finance Charge Collections to Series 1998-1
during the Relevant Monthly Period $ - 289
290 Total Deficiency Amount ("Shortfall") (Section 4.6) $ - 290
291 Investor Charge-Offs $ - 291
292 Class C Investor Charge-Offs $ - 292
293 Class B Investor Charge-Offs $ - 293
294 Class A Investor Charge-Offs $ - 294
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Reduction of Investor Amounts
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Class A
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295 Aggregate amount of Class A Investor Charge-Offs over Class A
Investor Charge-offs reimbursed pursuant to Section 4.6 (f) $ - 295
Class B
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296 Aggregate amount of Class B Investor Charge-Offs over Class B
Investor Charge-offs reimbursed pursuant to Section 4.6 (f) $ - 296
297 Aggregate amount of Class B Reallocated Amounts over Class B
Reallocated Amounts reimbursed pursuant to subsection 4.6 (f) or
allocated to the Class C Investor Amount pursuant to Section 4.11 $ - 297
Class C
-------
298 Aggregate amount of Class C Investor Charge-Offs over Class C
Investor Charge-offs reimbursed pursuant to Section 4.6 (f) $ - 298
299 Aggregate amount of Class C Reallocated Amounts over Class C
Reallocated Amounts reimbursed pursuant to subsection 4.6 (f) $ - 299
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Pool Factors
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300 Class A Pool Factor 0.00% 300
301 Class B Pool Factor 0.00% 301
302 Class C Pool Factor 0.00% 302
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Reserve Account
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303 Required Reserve Account Amount (if applicable) $ 300,000 303
304 Reserve Account Reinvestment Rate (if applicable) 5.81% 304
305 Reserve Account balance (as of the Determination Date) $ 300,000 305
306 Accumulation Period length 1 month 306
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of June, 2000.
Saks Incorporated, as Servicer
By /s/ Scott A. Honnold
--------------------------------
Name: Scott A. Honnold
Title: Vice President and Treasurer
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