UPDATE: Saks Reports Lower-Than-Expected Q2 Loss

Saks Inc SKS reported lower-than-expected second-quarter loss. Saks posted a quarterly loss at $8.4 million, or $0.05 per share, versus a loss of $32.2 million, or $0.21 per share, in the year-ago period. Excluding an impairment charge, pension charge and other items, Saks' adjusted loss came in at $7.6 million, or $0.05 per share. Its revenue climbed 13% y/y to $670.2 million from $593.1 million. However, analysts were expecting a loss of $0.09 per share on revenue of $657.4 million. Saks' revenue at stores open at least a year surged 15.5%. Saks shares dropped 2.21% to $8.87 in pre-market trading.