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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 4, 1999
SAKS INCORPORATED
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(Exact Name of Registrant as Specified in Charter)
Tennessee 1-13113 62-0331040
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(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
750 Lakeshore Parkway, Birmingham, Alabama 35211
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(Addresses of Principal Executive Offices, including Zip Code)
(205) 940-4000
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(Registrant's Telephone Number, including Area Code)
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Item 5. Other Events.
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On February 4, 1999, Saks Incorporated announced sales for the four weeks
ended January 30, 1999. A copy of the press release is filed as an exhibit to
this Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits.
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(c) Exhibits.
The following exhibits are filed herewith:
Exhibit No. Description
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99.1 Press Release, dated February 4, 1999.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SAKS INCORPORATED
/s/ Charles J. Hansen
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Charles J. Hansen
Senior Vice President and
Associate General Counsel
Date: February 9, 1999
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INDEX TO EXHIBITS
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Exhibit No. Description
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99.1 Press Release, dated February 4, 1999.
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EXHIBIT 99.1
SAKS INCORPORATED ANNOUNCES PRELIMINARY
JANUARY SALES
Contacts: Julia Bentley (investors)
(423) 981-6243
Jennifer Mann (media)
(212) 940-4259
Birmingham, Alabama (February 4, 1999)--Department store retailer Saks
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Incorporated (NYSE: SKS) (formerly Proffitt's, Inc.) today announced sales for
the four weeks ended January 30, 1999. Sales information below has been
restated to reflect the September 17, 1998 merger with Saks Holdings, Inc. and
the January 31, 1998 merger with Carson Pirie Scott & Co., both of which were
accounted for as poolings-of-interests.
For January 1999, total Company sales were $344.4 million compared to $296.0
million last year, a 16% increase. On a comparable stores basis for the
combined Company, sales increased 8% for the month. Sales for the period are
detailed as follows (dollars in millions):
4 weeks 4 weeks
ended ended Total Comparable
1/30/99 1/31/98 increase increase
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Department stores (Proffitt's,
McRae's, Younkers, Parisian,
Herberger's, Carson Pirie Scott,
Bergner's, and Boston Store) $187.2 $162.9 15% 3%
Saks Fifth Avenue (includes Off
5th, Folio, and Bullock & Jones) 157.2 133.1 18% 13%
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Total Company $344.4 $296.0 16% 8%
For the department stores, merchandise categories with the best sales
performances for January were home, cosmetics, and accessories; merchandise
categories with softer sales performances were coats/outerwear, moderate women's
apparel, and dresses. For Saks Fifth Avenue, merchandise categories with the
best sales performances for January were designer apparel, "gold range" apparel,
men's clothing, special sizes, and fine jewelry.
For the fourth quarter ended January 30, 1999, total Company sales were $2,050.8
million compared to $1,818.8 million last year, a 13% increase. On a comparable
stores basis for the combined Company, fourth quarter sales increased 4%.
Fourth quarter sales are detailed as follows (dollars in millions):
(more)
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Quarter Quarter
ended ended Total Comparable
1/30/99 1/31/98 increase increase
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Department stores (Proffitt's,
McRae's, Younkers, Parisian,
Herberger's, Carson Pirie Scott,
Bergner's, and Boston Store) $1,295.5 $1,150.1 13% 2%
Saks Fifth Avenue (includes Off
5th, Folio, and Bullock & Jones) 755.3 668.7 13% 8%
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Total Company $2,050.8 $1,818.8 13% 4%
For the year ended January 30, 1999, total Company sales were $6,220.0 million
compared to $5,726.3 million last year, a 9% increase. On a comparable stores
basis for the combined Company, year-to-date sales increased 4%. Year-to-date
sales are detailed as follows (dollars in millions):
Year Year
ended ended Total Comparable
1/30/99 1/31/98 increase increase
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Department stores (Proffitt's,
McRae's, Younkers, Parisian,
Herberger's, Carson Pirie Scott,
Bergner's, and Boston Store) $3,802.0 $3,544.6 7% 2%
Saks Fifth Avenue (includes Off
5th, Folio, and Bullock & Jones) 2,418.0 2,181.7 11% 6%
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Total Company $6,220.0 $5,726.3 9% 4%
Saks Incorporated currently operates over 345 department stores and four free-
standing furniture stores in 38 states under the names of Saks Fifth Avenue,
Proffitt's, McRae's, Younkers, Parisian, Herberger's, Carson Pirie Scott,
Bergner's, Boston Store, and Off 5th. The Company also operates two direct mail
businesses, Folio and Bullock & Jones.
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