Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”), today announced it will open three new Saks Fifth Avenue OFF 5TH (“OFF 5TH”) stores in fall 2008.
The Company will open a new 30,000 square foot OFF 5TH store in The Arches at Deer Park in Deer Park (Long Island), New York in October and new 28,000 square foot OFF 5TH stores in the Prime Outlets in St. Augustine, Florida and in the Rio Grande Valley Premium Outlets in Mercedes, Texas in November.
Robert Wallstrom, President of OFF 5TH, noted, “We are very excited about the planned opening of these three new stores which will be located in premier outlet centers featuring a myriad of luxury and designer stores. Over time, we believe there is meaningful new store growth opportunity for OFF 5TH, and we look forward to expanding into even more markets in the future.”
The new OFF 5TH locations will all be patterned after the prototype store which opened with much success in the Prime Outlets International center in Orlando, Florida in April 2008. Wallstrom added, “A great deal of thought, preparation, and innovation went into the design of the prototype store, and it is the ideal venue to showcase our great merchandise offerings.”
The prototype store was carefully created using a modern “luxury in a loft environment” concept designed to highlight the merchandise and facilitate ease of shopping. The design maximizes efficiency and flexibility, enabling easy changes in the general layout as business needs change. The store is bright and uncluttered, with no hard aisles and one consistent hard-surface floor throughout. All fixtures are on casters, ensuring ease in movement, and all hardware is interchangeable between fixtures.
OFF 5TH is the savvy shopper's premier source for value-priced designer clothing and accessories, offering customers an unparalleled array of both coveted designer names and unique merchandise under the Saks Fifth Avenue label. OFF 5TH places the highest priority on style, selection, and superior customer service.
Saks Incorporated currently operates Saks Fifth Avenue, which consists of 54 Saks Fifth Avenue stores, 48 Saks OFF 5TH stores, and saks.com. The Company also operates Club Libby Lu specialty stores. The OFF 5TH stores are located in 23 states, with existing stores in New York (four), Florida (six), and Texas (four).
Prototype store renderings and Orlando OFF 5TH store photos are available upon request.
Forward-looking Information
The information contained in this press release that addresses future results or expectations is considered “forward-looking” information within the definition of the Federal securities laws. Forward-lookinginformation in this document can be identified through the use of words such as “may,”“will,” “intend,”“plan,” “project,”“expect,” “anticipate,”“should,” “would,”“believe,” “estimate,”“contemplate,” “possible,” and “point.” The forward-looking information is premised on many factors, some of which are outlined below. Actual consolidated results might differ materially from projected forward-looking information if there are any material changes in management’s assumptions.
The forward-looking information and statements are or may be based on a series of projections and estimates and involve risks and uncertainties. These risks and uncertainties include such factors as: the level of consumer spending for apparel and other merchandise carried by the Company and its ability to respond quickly to consumer trends; adequate and stable sources of merchandise; the competitive pricing environment within the retail sector; the effectiveness of planned advertising, marketing, and promotional campaigns; favorable customer response to relationship marketing efforts of proprietary credit card loyalty programs; appropriate inventory management; effective expense control; successful operation of the Company’s proprietary credit card strategic alliance with HSBC Bank Nevada, N.A.; geo-political risks; changes in interest rates; and fluctuations in foreign currency and exchange rates.For additional information regarding these and other risk factors, please refer to the Company’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended February 2, 2008, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, which may be accessed via EDGAR through the Internet at www.sec.gov.
Management undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events, or otherwise. Persons are advised, however, to consult any further disclosures management makes on related subjects in its reports filed with the SEC and in its press releases.
Contacts:
Julia Bentley, 865-981-6243
www.saksincorporated.com
