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Saks Incorporated Announces Results For The Second Quarter And Six Months Ended July 28, 2012

Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today announced results for the second quarter and six months ended July 28, 2012.

Overview of Results for the Second Quarter and Six Months Ended July 28, 2012

For the second quarter ended July 28, 2012, the Company recorded a net loss of $12.3 million, or $.08 per diluted share. The results included after-tax charges totaling $4.3 million composed of $1.5 million of pre-opening costs associated with the Company’s new fulfillment center in Tennessee which opened in July 2012 and $2.8 million of asset impairments and store closing costs. Excluding these items, the Company would have recorded a net loss of $8.0 million, or $.05 per share, for the second quarter ended July 28, 2012.

For the prior year second quarter ended July 30, 2011, the Company recorded a net loss of $8.4 million, or $.05 per diluted share. Those results included after-tax charges totaling $0.8 million composed of a pension and related benefit charge, a write-down of a third party receivable, and an asset impairment charge totaling $1.8 million and the reversal of approximately $1.0 million in state income tax reserves deemed no longer necessary. Excluding these after-tax charges, the Company would have recorded a net loss of $7.6 million, or $.05 per share, for the second quarter ended July 30, 2011.

For the six months ended July 28, 2012, the Company recorded net income of $19.8 million, or $.13 per diluted share. The results included after-tax charges totaling $4.8 million composed of $1.8 million of pre-opening costs associated with the Company’s new fulfillment center and $3.0 million of asset impairments and store closing costs. Excluding these items, the Company would have recorded net income of $24.6 million, or $.16 per share, for the six months ended July 28, 2012.

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