Upscale department store Saks Inc. says its second-quarter loss narrowed as its margins improved because it was able to sell more products at full-price.
Saks lost $32.2 million, or 21 cents per share, in the quarter that ended July 31. A year earlier, the chain lost $54.5 million or 39 cents per share.
The results include after-tax charges of 8 cents per share for two store closings announced Tuesday and severance at three stores that closed last month.
Analysts, who typically exclude such one-time items, expected a loss of 17 cents per share on revenue of $585.2 million.
Revenue rose 5 percent to $593.1 million.
Saks plans to close its Saks Fifth Avenue store in Plano, Texas, next week and one in Mission Viejo, Calif., in October.
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