SKS
Saks IncorporatedNYSE
SKS is defunct.
  • May 8, 2014, 7:20 PM
    • FedEx (FDX) is changing the way it charges to ship bulky packages; instead of charging by weight alone, all ground packages soon will be priced according to size, which effectively will raise prices on more than a third of its U.S. ground shipments.
    • Such a move would greatly affect bulky but lighter weight items like toilet paper and diapers, but the changes also would profoundly affect Web retail shoppers, who often buy multiple clothing or footwear items - perhaps with free shipping - then keep what fits and return the rest.
    • For Amazon (AMZN) and other big online retailers, shipping is already one of the biggest and most rapidly increasing costs; e-commerce retailers likely would be affected by differing degrees, with the biggest companies such as Wal-Mart (WMT), Walgreen (WAG) and Saks (SKS) having advantages in their ability to negotiate pricing with FDX.
    • UPS has not yet followed FDX's move, but the two companies historically have matched each other's price increases.
    | May 8, 2014, 7:20 PM | 7 Comments
  • Oct. 30, 2013, 1:39 PM
    • Saks (SKS -0.1%) formally approves the department store chain's merger with Hudson's Bay.
    • The transaction in which Saks shareholders receive $16 per share is expected to close on November 4.
    | Oct. 30, 2013, 1:39 PM
  • Sep. 24, 2013, 2:03 PM
    • Hudson Bay plans to expand Saks (SKS) after it takes over the department store chain, according to president Bonnie Brooks.
    • New stores in Canada, Europe, and Asia could be on tap.
    • The company thinks it can reach a different set of shoppers through subtle differences between the Saks, Lord & Taylor, and Hudson's Bay brands.
    | Sep. 24, 2013, 2:03 PM
  • Sep. 17, 2013, 1:06 PM
    • Saks (SKS +0.1%) is soon to be headed up by a high-profile fashion buyer after Marigay McKee is named to replace the departing Ron Frasch as president.
    • An executive with Saks-buyer Hudson's Bay says McKee was picked in part because the luxury retailer is a "store for women."
    | Sep. 17, 2013, 1:06 PM
  • Sep. 16, 2013, 11:38 AM
    • Saks (SKS) announces that CEO Stephen Sadove and President Ronald Frasch will step down after the retailre completes its merger with Hudson's Bay.
    • Replacements for the two execs haven't been named yet.
    | Sep. 16, 2013, 11:38 AM
  • Aug. 28, 2013, 10:50 AM
    • Retail traffic to U.S. stores has declined in 8 out of the last 10 weeks, according to data compiled from ShopperTrak.
    • Though a few on-trend firms such as Michael Kors (KORS +0.1%) and Express (EXPR +8.5%) are still firing on all cylinders, and a heat wave in the Midwest has had an effect, the overall trend for the back-to-school season and holiday season looks weak.
    • Analysts also think consumers are likely to pick up their reliance on deals as discretionary spending on housing and automobiles "crowds out" normal outlays.
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    | Aug. 28, 2013, 10:50 AM
  • Aug. 26, 2013, 10:46 AM
    | Aug. 26, 2013, 10:46 AM
  • Aug. 19, 2013, 9:05 AM
    • Saks (SKS) says same-store sales in Q2 rose 1.5% to miss the consensus mark of analysts calling for a 4.5% gain.
    • Gross margin also fell at the company as prices were slashed to clear merchandise.
    • Due to the pending merger with Hudsons Bay Company, no guidance was given and the earnings conference call was skipped.
    | Aug. 19, 2013, 9:05 AM
  • Aug. 19, 2013, 8:09 AM
    • Saks (SKS): Q2 EPS of -$0.08 beats by $0.05.
    • Revenue of $707.8M misses by $24.75M. (PR)
    | Aug. 19, 2013, 8:09 AM
  • Aug. 14, 2013, 8:18 AM
    • Department store stocks could see some selling pressure after sector leader Macy's stumbles a bit in Q2.
    • The message from Macy's couldn't have been more clear: U.S. consumers are still cautious on spending for discretionary items.
    • On watch: Nordstrom (JWN), Kohl's (KSS), Saks (SKS), Dillard's (DDS), J.C. Penney (JCP), Sears Holdings (SHLD), The Bon-Ton Stores (BONT).
    | Aug. 14, 2013, 8:18 AM
  • Aug. 5, 2013, 12:27 PM
    • The competition for luxury shoppers in Canada is soon to get heated with Hudson's Bay bringing Saks (SKS -0.3%) to a crowded field which will soon include Nordstrom (JWN -0.2%) and a host of new stand-alones such as Hugo Boss.
    • Local players Holt Renfrew and Harry Rosen plan expansion and remodeling of their own to keep home turf advantage, but could lose out to the U.S. challengers that have fresher brands.
    • Crunching the numbers: There's isn't enough upscale demand in Canada to allow all the firms to succeed - indicating some "shakeout" is likely.
    | Aug. 5, 2013, 12:27 PM
  • Jul. 31, 2013, 9:09 AM
    • The bidding for Saks (SKS) included more than one department store chain, according to Women's Wear Daily.
    • Soon-to-be-public Neiman Marcus was still in the mix even after earlier talks in May fizzled out.
    • Analysts thinks Hudson's Bay will pose a serious challenge to Nordstrom (JWN) and Holt Renfrew in Canada after adding on Saks.
    | Jul. 31, 2013, 9:09 AM
  • Jul. 30, 2013, 10:51 AM
    • Citigroup doesn't think another buyer will emerge to top the offer from Hudson's Bay to buy Saks (SKS +0.3%).
    • The deal allows for a 40-day "go-shopping" period.
    • Trading at $15.98, shares of Saks are only two cents from the Hudson's Bay takeout price.
    | Jul. 30, 2013, 10:51 AM
  • Jul. 29, 2013, 9:16 AM
    • The narrow premium nabbed by Saks (SKS) leaves open the possibility the retailer will seek more bids during its go-shopping period, note analysts.
    • The deal will presumably introduce Saks Fifth Avenue stores, Off Fifth outlets, and the Saks website into Canada for the first time - although care will have to be made not to cannibalize Hudson's own market share.
    • In a bit of an oddity, the CEO of Saks skipped the deal conference call. (webcast)
    | Jul. 29, 2013, 9:16 AM
  • Jul. 29, 2013, 7:40 AM
    • The $2.4B purchase of Saks (SKS) will bring three strong brands - Hudson's Bay, Lord & Taylor, and Saks - under the same umbrella and generate significant benefits. The company expects to achieve ~$97M of annual synergies within three years while keeping each of the iconic businesses distinct.
    • The deal will be financed through a combination of $1B in new equity, $1.9B in secured loans, and cash on hand.
    • Saks has a 40-day window to find a better offer subject to customary breakup fees.
    • SKS +3.9% premarket to $15.93.
    | Jul. 29, 2013, 7:40 AM
  • Jul. 29, 2013, 7:12 AM
    • Hudson's Bay says it will buy Saks (SKS) for $16 per share.
    • The combined company will have 320 stores in the U.S. and Canada.
    • Shares of Saks +4.3% premarket.
    | Jul. 29, 2013, 7:12 AM