GuidanceAnalysts are looking for a profit of 20c on revenue of $993.61M. The consensus range is 17c to 23c for EPS, and revenue of $985.6M to $1.03B, according to First Call. Saks recently reported January same store sales up 4.1% vs. consensus of up 2.2% and said it sees Q4 SSS growth in the high single digits. Saks said it continued to experience a more challenging macroeconomic and competitive environment, and consistent with trends commencing in the third quarter, customers have continued to shift more of their spending to promotional events.
Department stores have suffered recently on lower discretionary spending from consumers due to higher gas and food prices, as well as the weak housing and credit markets. Higher-end department stores such as Saks have mainly fared better than other department stores such as Macy's (NYSE:M).