Saks Global reported a 13% decline in Q2 revenue to $1.6 billion, falling short of expectations, primarily due to ongoing inventory issues. CEO Marc Metrick cited these challenges, which led to a net loss of $288 million and a gross margin contraction. Despite some recovery in inventory levels, the company faces strained relationships with vendors, impacting sales and deliveries ahead of the holiday season. Analysts warn that Saks must prioritize vendor payments to avoid significant revenue losses and maintain competitiveness in the luxury market.

Source: https://www.supplychaindive.com/news/saks-global-q2-revenue-slumps-amid-inventory-woes/803231/