Saks same-store sales rise 1.9 percent in June

Luxury retailer Saks Inc. said Thursday its same-store sales rose 1.9 percent in June, missing Wall Street expectations.

Analysts expected a gain of 6.5 percent, according to a survey by Thomson Financial.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

Total sales rose 2.6 percent to $243.8 million for the five weeks ended July 5.

In June, the softest categories at Saks Fifth Avenue were women's and men's clothing, although men's contemporary clothing and sportswear performed well.

For the two months ended July 5, same-store sales declined 3.5 percent and total sales declined 3.2 percent to $470.9 million because of an accelerated spring clearance sale.

For the second quarter, the company expects "modestly negative" same-store store sales and a relatively flat gross margin rate from a year ago.