From the start, Saks Incorporated has focused on transforming with the times. It started with five Proffitt’s stores in Knoxville, Tenn. in 1924; added McRae’s, Parisian, Younkers, Herberger’s, and Carson Pirie Scott & Co. in the ’90s; and changed its corporate name to Saks Incorporated from Proffitt’s in 1998.
- Headquarters: New York, NY
- Founding year: 1924
- Number of locations as of January 2011: 104
- Chains: Saks Fifth Avenue, Off 5th
- FY 2010 net income: $47.8 million
In 2003, the company acquired Club Libby Lu, a specialty store focused on “tween” girls, and sold its Proffitt’s and McRae’s businesses in 2003, and in 2009 it discontinued operations of Club Libby Lu. The streamlined approach has worked well for Saks Incorporated, which focuses entirely on Saks Fifth Avenue and Saks Fifth Avenue Off 5th, as it continues to grow its assortment of exclusive, differentiated, and limited distribution products.
“We are cautiously optimistic about the overall tone of business and the way our customers are responding to our initiatives,” said Stephen Sadove, chairman and CEO. “As we move into 2011, we remain committed to our core strategies. We will continue to take balanced risks, making key targeted investments in inventory and infrastructure where we believe the biggest opportunities are to drive sales and profit growth. All of our strategies and initiatives are focused on the customer and on providing a personalized, distinct, and differentiated shopping experience.”