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Is Luxury Getting Worse? It is at Saks

Saks widens its second-quarter loss as sales continue to fall.

NEW YORK (

TheStreet

) -- It looks like luxury shoppers aren't getting any more acquisitive as the market recovers and they start to see their personal savings come back. In fact, some might say the rich are getting downright thrifty.

Case in point: High-end department store

Saks

(SKS)

widened its loss in the second-quarter, as same-store sales saw a double-digit decline.

But better-than-expect results lifted shares nearly 8% to $5.76 before the bell.

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During the quarter, the company lost $54.5 million, or 39 cents a share, compared with a loss of $32.7 million, or 24 cents, in the year-ago period. But these dismal results still beat analysts' forecast of a loss of 59 cents a share.

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Revenue sank 15% to $561.7 million from $657 million, while total-same store sales tanked 15%.

The company's less-expensive Off 5th stores continued to do better than Saks' full-price stores, while its New York flagship store is suffering the most.

The company did not provide guidance. "The current economic and retail landscape continue to make predicting future sales and gross margin performance with any certainty very difficult," Chief Executive Stephen Sadove said in a statement.

Saks has eliminated jobs, cut spending and tightened inventory in order to combat the disappearing luxury shopper.

Last week rival

Nordstrom

(JWN) - Get Nordstrom, Inc. Report

reported a 26.5% downturn in its second-quarter profit

, as same-store sales tumbled 9.8%.

-- Reported by Jeanine Poggi in New York.

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