Retailer Saks Inc. took a big financial hit on Sept. 11.
Comparable store sales plummeted because all of the firm’s stores were closed for almost the entire day.
Performance has improved since then, but Saks still expects comparable sales to be down from 12% to 15% overall for the month. In contrast, last September’s comparable store sales increased by 3.3%.
The situation was aggravated by shifting of the Fashion Targets Breast Cancer event from September to October.
CEO R. Brad Martin said in a statement that the firm is “adjusting our inventory investments, expenses, and capital expenditures for the balance of the year.”
He added that the company, which includes Saks Fifth Avenue stores and Saks Direct, retains a strong balance sheet.
“We have substantial liquidity including our $750 million revolving credit facility,” he said. “As of Sept. 26, we had less than $150 million drawn under this facility.”
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