For the second quarter, the Company’s gross margin rate was 37.2% compared to last year’s second quarter rate of 38.0%. For the six months, the gross margin rate was 40.9% compared to 41.1% in the first six months of last year. As expected, the gross margin rate decline was primarily attributable to incremental second quarter markdowns in certain merchandise categories needed to move through the Company’s normal clearance cycle.As a percent of sales, SG&A expenses (excluding the certain items) were 27.1% in the second quarter this year compared to 26.9% in the prior year second quarter and 26.1% for the current year six months compared to 25.7% for the same period last year. As expected, the Company incurred incremental SG&A expenses to support its omni-channel and Project Evolution (information technology systems and enhancements) initiatives.
Saks Incorporated Announces Results For The Second Quarter And Six Months Ended July 28, 2012
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