Wednesday, March 24, 2010 2:00:49 PM
March 24, 2010 9:22 AM EDT
Citi reiterates a 'Buy' rating on Saks Inc (NYSE: SKS), price target $10.
Citi analyst says, "We hosted an informative meeting with SKS management and are encouraged by the company’s recent business trends, which include better fullpriced selling and aligned inventories. SKS is even chasing inventory in select categories such as handbags and shoes, and noted that it has the ability to chase about 5% of inventories based on high-end lead times...Direct represents SKS’s second largest store (with better margins than the stores), and management believes the business can double in the next 3-4 years. Notably, multi-channel shoppers spend 70% more than single-channel customers."
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