Despite splitting its e-commerce and store operations into separate businesses, Saks Fifth Avenue is delivering a 'frictionless' shopping experience, Saks CEO Marc Metrick tells vendors.
had a strong third quarter and sees momentum continuing this holiday season, bringing some initial confidence to the company that its reengineered business model operating with separate e-commerce and store companies is working out.
For the third quarter ended Oct. 30, “On a gross merchandise value basis, online sales increased 56 percent over 2020 and 84 percent over 2019, driven by higher site traffic, sales conversion and inventory,” Metrick wrote. “Traffic was up 32 percent [compared] to 2020 and 88 percent to 2019, and new customer counts grew by 54 percent to 2020 and 122 percent to 2019.
Regarding holiday selling, Metrick indicated that it has been happening earlier this year, and that during the first three weeks of November leading up to and around Thanksgiving, there’s been “outsized” performances in outerwear, women’s shoes, handbags and holiday gift sets. “On Black Friday, we set record highs for traffic, customers, volume and transactions, which proved to be our largest demand day ever, up over 50 percent to 2020 and more than double to 2019,” Metrick wrote.
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