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Saks: Saks Holdings
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Saks Inc. (SKS) opened at 23.03. So far today, the stock has hit a low of 21.14and a high of 23.05. SKS is now trading at 21.22, up 0.55 (2.66%). The stock hit its 52 week high of 23.25 in May and set its 52 week low of 14.38 in September. The stock lost some ground through July and August, but has been stronger since then. Saks shares have been climbing today along with its competitor Macy's Inc. (M) which announced yesterday evening it swung to a third-quarter profit.
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Saks reached an important and expected milestone in 1996 by becoming a publicly traded company. The company's IPO sold nearly 18.1 million common shares at $25 each, raising $418 million. Shares peaked at just over $41 in the third quarter, but closed the year back at the IPO level. Some analysts were less than enthusiastic about Saks's share data, such as Money magazine's Junius Ellis, who declared Neiman Marcus's stock a far more stable buy in the winter of 1996, and stating "Saks is destined to disappoint." Others speculated Saks was spreading itself too thin, and many times the numbers seemed to bear this out. Year-end net sales... proved Saks was holding on by topping $1.95 billion, an increase of 15.3 percent over 1995, and an impressive 37 percent from 1994.
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Saks will collect revenue from the naming rights, and it will control product selection. Merchandise will look much like what's available in America, although the store will ... promote lines that are less familiar to Chinese luxury consumers. The four-story store, which will occupy a frothy Beaux-Arts building, will include upscale non-fashion destinations, such as restaurants, a spa and that nightclub. This is Saks's third overseas licensing agreement. In 2001, a Saks-branded department store opened in Riyadh, Saudi Arabia, and a Dubai location came on line in 2004.
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Saks Inc. (SKS) opened at 21.15. So far today, the stock has hit a low of 19.72 and a high of 21.15. SKS is now trading at 19.78, down 1.28 (-6.05%).The stock hit its 52 week high of 23.25 in May and set its 52 week low of 14.38 in September. SKS fell through July and August, but has been moving sideways recently. Shares of Saks have been tumbling today after the company released its financial statement this morning. Technical indicators for the stock are bullish and steady while S&P gives SKS a neutral 3 STARS (out of 5) hold rating.
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When Saks asked Bierut to reinvent its identity, what it wanted was something as memorable — and as marketable — as Tiffany’s classic blue and Burberry’s plaid. Bierut jumped at the chance. A chipper 49-year-old, he’s a graphic designer’s graphic designer who describes the 99 percent of the population who can’t tell Arial from Helvetica as “civilians” with a self-deprecating chuckle. After 10 years of working for Massimo Vignelli, the graphic mastermind of New York’s iconic 1970s subway map, he became a partner at the design firm Pentagram in 1990.
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The complaint alleges that by engaging in this conduct, Saks violated the financial reporting, books-and-records, and internal controls provisions of the Exchange Act. Specifically, the complaint alleges that Saks violated Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act, and Rules 12b-20, 13a-1, 13a-11 and 13a-13 thereunder. Without admitting or denying the Commission's allegations, Saks has agreed to settle the charges by consenting to a permanent injunction against further violations of the above reporting, books-and-records, and internal controls provisions.
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Saks Holdings