Luxury Shoppers Are Back -- and at Full Price: Saks CEO
By Margo D. Beller, Special to CNBC.com
NEW YORK (CNBC) -- Internet shopping gave a boost to Saks' earnings Tuesday and CEO Steve Sadove told CNBC he's encouraged because the luxury shopper appears to be back.
Saks (SKS)reported a higher quarterly profit, thanks to a 20 percent increase in online sales.
The online component is "forcing us to put into place technologies and systems" like never before because "we have to be able to move inventory around among channels," he said."[W]e have to operate totally differently than we have in the past," Sadove said. "A lot of the investment is behind the scenes."
More from CNBC
Which is Sexier, Twitter or Facebook?
In Sin City, Greed Is Not the Main Attraction
"Worst Economic Crisis Since 1929"
--Written by Margo D. Beller at CNBC.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV