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."
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--Written by Margo D. Beller at CNBC.
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