Saks Sees Strong Jewelry Sales in Q1

Saks Incorporated reported that jewelry was among its strongest merchandise categories for the first quarter ended May 3. The retailer recorded net income of $18.3 million, up from $11 million in 2007.

The other strong merchandise categories were handbags, shoes, men’s apparel, men’s shoes and accessories.

Chairman and CEO Stephen I. Sadove commented, "Overall, I am pleased with the Company's first quarter performance in light of the ongoing challenging macroeconomic and increasingly competitive retail environment. Our customers responded to our merchandise selections and targeted increased promotional activity, driving an 8.4 percent comparable store sales growth for the quarter.

The company said that it expects comparable store sales to grow by mid-single digits for the full year, with low-single digit comparable store sales growth in the second quarter and mid-single digit growth in the second half of the year.