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 Business News | September 2006 
Saks to Open First Mexico Store
 Reuters
| | The retailer on Monday said it entered a license agreement with a unit of Sanborns, to locate and develop sites for Saks Fifth Avenue stores in Mexico. |
Saks Inc. (NYSE:SKS) plans to open its first Saks Fifth Avenue store in Mexico next September and may open more stores in the country to add profit as the luxury retailer works to improve its U.S. operations.
The retailer on Monday said it entered a license agreement with Operadora de Tiendas Internacionales SA de CV, a unit of Grupo Sanborns SA de CV, to locate and develop sites for Saks Fifth Avenue stores in Mexico. Sanborns would own and operate the stores, the first of which will be in Mexico City.
"While our principal focus remains on improving the operations of our domestic stores, the opening of select international licensed locations can broaden the reach of our brand and produce a supplemental income stream," Saks Chief Executive Stephen Sadove said in a statement.
Saks last month reported a $51.9 million second-quarter loss, or 38 cents per share, hurt by reorganization costs, charges related to stock options, and expenses from a regulatory investigation. The company has licensed stores in Riyadh and Dubai, and plans to open one in Shanghai. |
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