Saks profits fall again - still don't want to hire Faust as head menswear buyer.

[Faust]

Interesting - I am of exactly the opposite opinion. Their designer offerings just get lost on their huge floor. I mean, year Bergdorf's layout is terrible, but I like that Barneys have a perfect amount of space to house the designer collections on one open floor.

[Real Real]

Interesting - I am of exactly the opposite opinion. Their designer offerings just get lost on their huge floor. I mean, year Bergdorf's layout is terrible, but I like that Barneys have a perfect amount of space to house the designer collections on one open floor.

I should have said that size was a potential advantage for Saks, one that they aren't currently capitalizing on. I agree with you that, right now, the size just magnifies the sense that the store is a mishmash of stuff with no idea behind how it's presented.

Were they to make use of the space in a thoughtful way, though, then the size could be used to their advantage.

[Faust]

I should have said that size was a potential advantage for Saks, one that they aren't currently capitalizing on. I agree with you that, right now, the size just magnifies the sense that the store is a mishmash of stuff with no idea behind how it's presented.

Were they to make use of the space in a thoughtful way, though, then the size could be used to their advantage.

True, then they could've totally done what you proposed - kind of theme rooms.

[reborn]

mish mash...

It's still crap. However, if you have ever been to the Saks in LA, it's a totally different story. The designer floor is kind of organized with an interesting shoe department (though not nearly as good as Barneys across the street).

Still, large department stores have not mastered good customer service. It always seems the sales associates are desperate for attention or desperate to show off their "knowledge" of designer clothing or desperate to not be rejected.

It makes for an uncomfortable experience.

[reborn]

Is Saks trying to make a come back...

Someone call LL Cool J.

I was there on Saturday, and I was intrigued by there buys. They had a healthy selection of Yohji (not Y's)...by my estimates about 8 pieces from trousers to knitwear. There were stacks of CdG Shirt shirts, a couple of looks from Issey (which looked wearable) and a few selections from Junya Watanabe.

Of course, the DJ scratching out Hall & Oates, Steve Winwood and other "manly" pop tunes from '80s detracted from my shopping experience.

[Faust]

Looks like NM is in the same boat.

"Neiman Marcus Inc. ended its fiscal year on a sour note, more than doubling losses just as turmoil on Wall Street has sparked renewed concern about the health and well being of the luxury shopper.

Fourth-quarter net losses increased to $35.6 million from $15.9 million a year ago and sales for the three months ended Aug. 2 rose 5.2 percent to $1.03 billion.

At the Dallas-based firm’s stores, operating profits fell 28.2 percent to $31.9 million on a 5.5 percent rise in sales to $861.6 million. The direct marketing division posted a 7.2 percent dip in operating earnings to $24.4 million, on a 3.5 percent rise in sales to $170.7 million."

[reborn]

Looks like NM is in the same boat.

"Neiman Marcus Inc. ended its fiscal year on a sour note, more than doubling losses just as turmoil on Wall Street has sparked renewed concern about the health and well being of the luxury shopper.

Fourth-quarter net losses increased to $35.6 million from $15.9 million a year ago and sales for the three months ended Aug. 2 rose 5.2 percent to $1.03 billion.

At the Dallas-based firm’s stores, operating profits fell 28.2 percent to $31.9 million on a 5.5 percent rise in sales to $861.6 million. The direct marketing division posted a 7.2 percent dip in operating earnings to $24.4 million, on a 3.5 percent rise in sales to $170.7 million."

On the upside, there will probably be heavy discounts late/early in the season to boost sales figures.

[Fade to Black]

Someone call LL Cool J.

I was there on Saturday, and I was intrigued by there buys. They had a healthy selection of Yohji (not Y's)...by my estimates about 8 pieces from trousers to knitwear. There were stacks of CdG Shirt shirts, a couple of looks from Issey (which looked wearable) and a few selections from Junya Watanabe.

Of course, the DJ scratching out Hall & Oates, Steve Winwood and other "manly" pop tunes from '80s detracted from my shopping experience.

sounds like it's better than Barney's at this point

i haven't been inside the uptown Barney's in almost 2 years now, but when i was there, there was practically nothing of note.

[reborn]

sounds like it's better than Barney's at this point

i haven't been inside the uptown Barney's in almost 2 years now, but when i was there, there was practically nothing of note.

As much as Barneys sucks, it still has a better variety than Saks for men (Augusta, n(n), Yohji, McQueen, Ann D., RO, etc)

[Faust]

I've never actually penciled Barneys in as a store that sucks - I think for the most part it's a great store. It's just this season's mens buy was an utter disappointment in my opinion.

[Faust]

Well, they listened to us half way! Only they forgot to hire me. Instead they got a guy from Scoop. Scoop?! Wow, they really just don't get it. Ed Hardy, here we come!

Saks Beefs Up Men’s Buying Team
Sept. 30, 2008

NEW YORK — Saks Fifth Avenue has reorganized its men’s merchandising team, promoting several merchants from within and adding one from the popular Scoop chain. All of the changes are effective Oct. 1.

Louis Digiacomo, vice-president and DMM of men’s sportswear, has been promoted to vice-president and DMM of men’s furnishings, shoes and accessories, home, food and gifts. Shawn Howell, associate DMM of men’s clothing, has been promoted to vice-president and DMM over that area.

Additionally, Lori Swersky, formerly DMM of men’s for Scoop, is joining Saks as vice-president and DMM of men’s sportswear.

Brooke Cundiff, senior buyer of men’s advanced designer sportswear, has been promoted to associate DMM of men’s sportswear and will be responsible for both advanced designer and contemporary sportswear.

All of the merchants report to Tom Ott, senior vice-president and GMM of men’s, home, food and gifts.

“These leadership changes underscore both our commitment to developing our team, as well as our openness to new perspectives to take our business to the next level. Under Tom’s direction I am confident that the team will deliver the best assortment of men’s and home merchandise for our customers,” said Ron Frasch, president and chief merchandising officer, in a statement.

Digiacomo began his retail career at Saks in 1995 as an assistant in the New York store and was promoted to vice-president and DMM of men’s sportswear in 2005. Howell has been with Saks since 1998 was men’s designer tailored clothing buyer for three years before being promoted to associate DMM in May. Cundiff joined Saks in 2006 as buyer of advanced designer lines. She was named senior buyer over that area this spring.

Swersky has been DMM of men’s at Scoop for the past two-and-a-half years. She began her retail career at Bloomingdale’s in the executive training program.

[Faust]

Saks Inc., citing “widespread weakness” in women’s apparel and the precipitous decline in shopping by the affluent, reported a net loss of $42.8 million for the third quarter ended Nov. 1.

The performance, in stark contrast to a year ago when Saks earned $21.6 million and seemed to be enjoying the fruits of turnaround efforts, triggered a strong response: spring receipts are planned to be down by at least 15 percent, cost-cutting efforts are being intensified, capital expenditures are being slashed, and every brand sold at the store is subject to reevaluation. Some could be taken off the matrix.

Total sales in the quarter fell 12.3 percent to $698 million, from $796.1 million. The loss equates to 31 cents a share, while Wall Street was expecting 3 cents a share. Saks Inc.’s stock suffered as a result, falling 14.6 percent to close at $3.29, down 56 cents. The final price on Tuesday is 85.2 percent below the stock’s 52-week high of $22.19, set last Dec. 24.

Saks’ trend, like most retailers, hasn’t been good. For the nine months, the retailer recorded a net loss of $56.2 million, or 41 cents a share, compared with net income of $8 million, or 5 cents a share. Sales fell 2.3 percent to $2.23 billion from $2.28 billion.

[Fuuma]

Economycalypse = Fashionocalypse?

[Bring The Noise]

Sak's market strategy is kinda hazy...they carry the more or less the brands as Nordstroms and Neiman Marcus

[Faust]

Neiman Marcus Reports $12.9M Profit

Neiman Marcus Reports $12.9M Profit
by Evan Clark
Posted Wednesday December 10, 2008
From WWD.COM
Add Note
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Neiman Marcus Inc. did what many of its competitors failed to in the most-recent quarter — post a profit.

Still it was only a partial victory, as earnings for the luxe retailer’s fiscal first quarter fell 83.6 percent to $12.9 million from $78.8 million, when results were propped up by a $32.5 million pension gain.

Sales for the three months ended Nov. 1 dropped 12.9 percent to $985.8 million from $1.13 billion as comparable-store sales decreased by 14.5 percent.

Like most other retailers, Neiman’s reined in its spending as consumer spending slowed, the economy worsened and Wall Street went into panic mode. Capital expenditures in the quarter fell to $33 million from $46 million a year earlier.