×
146
Fashion Jobs
SAROJ JALAN
Marketing Strategist
Permanent · KOLKATA
ADD UR CO LLP
Production Manager
Permanent · Chennai
THE GLOBAL ZONE HR SERVICES
Production Manager/ Supervisor/ Incharge
Permanent · Pune
PUMA
Manager - Digital Marketing
Permanent · Bengaluru
THE BANYAN HR CONSULTS
Brand Manager For Leading Women's Wear Garments CO at Coimbatore
Permanent · Coimbatore
LEVI'S
Manager, Retail Merchandising (Ebo)
Permanent · Bengaluru
GLAN MANAGEMENT CONSULTANCY
Senior Buyer Lingerie (Knits Western Wear) - Retail Brand
Permanent · GURUGRAM
JOB INDIA
Asst. Manager E-Com Operations (Garments Retail) Gurgaon
Permanent · Faridabad
VASTRAKALA EXPORTS
Quality Manager
Permanent · CHENNAI
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Manager / in Charge - Production/Quality/Cutting - Garments Industry
Permanent · Bhiwandi
MINT AND MILK COMMUNICATIONS
Senior Account Executive
Permanent · MUMBAI
PUMA
Manager- Buying (Apparel)
Permanent · Bengaluru
PUMA
Manager- Business Intelligence
Permanent · Bengaluru
PUMA
Manager- Trade Compliance
Permanent · Bengaluru
PUMA
Manager- Supply Planning
Permanent · Bengaluru
PUMA
Senior Manager - Performance Marketing- Marketplac…
Permanent · Bengaluru
PUMA
Regional Sales Manager- Mbo (South)
Permanent · Bengaluru
PUMA
Manager- Returns And Spf Operations
Permanent · Bengaluru
PUMA
Manager Merchandising
Permanent · Bengaluru
PUMA
Project Manager- Operations
Permanent · Bengaluru
PUMA
Manager- Logistics Operations
Permanent · Bengaluru
PUMA
Warehouse Manager-D2C
Permanent · Bengaluru
By
Reuters
Published
Feb 23, 2011
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Saks benefits from better economy, TJX slows

By
Reuters
Published
Feb 23, 2011

NEW YORK, Feb 23 (Reuters) - Upscale department store operator Saks Inc (SKS.N) expects sales to grow faster this year than does lower-priced retailer TJX Cos Inc (TJX.N) as shoppers seem more willing to pay top dollar for high end brands.

TJX Cos Ltd, Saks

Saks is coming off its best holiday season in years, as shoppers resumed spending on expensive dresses, handbags and shoes by top brands such as Marc Jacobs, Versace and Oscar de la Renta, lifting sales at established stores by 8.4 percent during its fourth quarter.

The upscale retailer forecast that sales at stores open at least a year, or same-store sales, will rise by a "mid-single digit" percentage this year.

In contrast, TJX, whose chains include Marshalls and T.J. Maxx in the United States and Winners in Canada, said its same-store sales this fiscal year would rise by between 1 percent and 2 percent, far below its gains in recent years.

TJX shares were down 1 percent in morning trading, while Saks shares rose 2.5 percent.

TJX buys merchandise, often returns of designer brands like Calvin Klein and Elie Tahari from department stores, at below-wholesale prices and sells it at deep discounts.

Many shoppers, feeling better about their finances, have begun trading back up to department stores, as the holiday sales results of Saks and Macy's Inc (M.N) show, making it challenging for TJX to keep its market share gains.

TJX has been able to mitigate that by getting vendors to make products specifically for its chains.

For fiscal 2012, which ends next January, TJX forecast adjusted earnings per share of $3.78 to $3.93 from continuing operations on a same-store sales. [ID:nN15207679]

Saks said overall sales rose 6.8 percent to $866.3 million in the quarter ended on Jan. 29. Perhaps most encouragingly for Saks, and ominously for TJX, Saks said it was able to sell far more luxury items at their full price over the holidays. [ID:nN23128737]

TJX said same-store sales rose 2 percent and reported a better-than-expected profit for the quarter. But those gains compare to a 12 percent increase the year before.

TJX said it would raise its dividend to 19 cents per quarter, a 27 percent increase. Saks said it would open another three or four of its Off Fifth outlets.

(Additional reporting by helen Chernikoff, editing by Dave Zimmerman)

© Thomson Reuters 2022 All rights reserved.