Dive Summary:

• Saks Inc's same-store sales for the second quarter only rose 1.5%, the company announced Monday, missing analyst expectations of 4.5% on Wall Street, as overall sales increased 0.5% to hit $707.8 million.
• The disappointing results followed other recent lower-than-expected sales reports at Macy's Inc., Nordstrom Inc and Wal-Mart Stores Inc.
• Saks also saw a glut in shoe and handbag inventory drive a shrinking gross margin as it cut prices to get rid of stock.

Dive Insight:

Saks will not be holding its normal earnings report call this week due to its pending Hudson's Bay acquisition, which may help the company out in the long run by extending its presence into Canada.