Saks 1st-qtr Loss Beats Forecast; TJX Posts Profit

After the tough holiday shopping season, New York-based Saks said in January that it would eliminate 1,100 jobs, or 9 percent of its work force, and make other cuts this year. The job cuts followed the retailer's announcement in November that it would discontinue its Club Libby Lu specialty apparel chain, which employed about 1,700.

Sadove said Tuesday that Saks now expects to cut expenses by about $60 million this year across most of the business, though it still is enhancing customer service. He said the company announced some salary reductions Tuesday morning.

Saks also is developing exclusive merchandise with its key vendors and working with designers to lower prices.

The luxury business has not shown any marked improvement even as the stock market has started to rally.

Saks reiterated its full-year forecast that same-store sales will drop by low double-digit percentages, with the decline slowing in the second half of the fiscal year.

TJX said its earnings climbed to $209.2 million, or 49 cents per share, for the period that ended May 2, up from $193.8 million, or 43 cents per share, a year ago.