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03 SAKS A/R Full Final SAKS INCORPORATEDUp 2003 ANNUAL REPORT trend 2003 SAKS INCORPORATED moving Saks Incorporated operates two distinct business segments. SAKS DEPARTMENT STORE GROUP consists of 241 department stores Up under the nameplates of Parisian, Proffitt’s, McRae’s, Younkers, Herberger’s, Carson Pirie Scott, Bergner’s, and Boston Store and 22 Club Libby Lu specialty stores. SAKS FIFTH AVENUE ENTERPRISES consists of 62 Saks Fifth Avenue luxury department stores and 53 Saks Off 5th stores. 2003 SAKS INCORPORATED FINANCIAL HIGHLIGHTS SAKS INCORPORATED FINANCIAL HIGHLIGHTS Year Ended January 31, February 1, February 2, (In thousands, except per share amounts) 2004 2003 2002 Net Sales $ 6,055,055) $ 5,911,122) $ 6,070,568) Net Income Before Accounting Change $ 82,827) $ 69,837) $ 322) Net Income $ 82,827) $ 24,244) $ 322) Diluted Earnings Per Common Share, Before Accounting Change $ 0.58) $ 0.48) $ 0.00) Diluted Earnings Per Common Share $ 0.58) $0.17) $ 0.00) Diluted Weighted Average Common Shares 142,921) 146,707) 144,498) Total Assets $ 4,654,869) $ 4,579,356) $ 4,595,521) Total Long-Term Debt, Including Current Maturities $ 1,277,521) $ 1,332,162) $ 1,361,641) Shareholders’ Equity $ 2,322,168) $ 2,267,272) $ 2,271,437 Total Debt To Capitalization 35.5% 37.0%) 37.5%) ) 02 2003 SAKS INCORPORATED LETTER TO OUR SHAREHOLDERS to our shareholders 2003 2003 was a year of progress for Saks Incorporated. We saw recovery in the business over the course of the year, and we are well positioned to take advantage of an improving economic environment in 2004. Diluted earnings per share increased to $.58 in 2003, Upfrom $.48 (before the cumulative effect of an accounting change) in 2002. This improvement was driven by a 1.6% comparable store sales gain and higher merchandise margins. Progress was achieved in spite of increased SG&A expenses, largely related to a lower contribution from credit operations, due to our alliance with Household International, which was consummated in April 2003. 03 2003 SAKS INCORPORATED LETTER TO OUR SHAREHOLDERS Our key strategic accomplishments included: We completed an exchange offer on our 2008 senior debt, which lowered the coupon rates, extended Upgrading our leadership team 2003 maturities, and reduced debt by approximately $50 and streamlining our million. At year end, our debt-to-capitalization ratio organizational structure. was 35.5%, and cash on hand totaled $366 million. We added key management at both Saks Fifth Avenue During the year, we purchased approximately 7.9 million Enterprises (“SFAE”) and the Parisian division of Saks shares of stock (for a total price of approximately $80 Department Store Group (“SDSG”). We also completed million) under our common stock repurchase programs. the consolidation of Younkers’ home offices into those We have approximately 21.9 million shares remaining of Carson Pirie Scott. under the authorization. In January 2004, we also made a voluntary cash contribution of $70 million to Improving our financial position our pension plans, substantially reducing the under- funded position of the plans and future cash and strengthening our balance sheet. contribution requirements. In addition to consummating the strategic credit card Subsequent to year end, the Board of Directors alliance with Household International, which reduced declared a special one-time cash dividend of $2 per risk and will enhance returns on invested capital, we share, with an expected pay out of approximately took additional steps to strengthen our financial condition. $284 million. We believe this dividend represents the We increased our revolving credit facility to $800 most efficient way to distribute surplus capital to our million and extended the maturity to 2009. shareholders and demonstrates our confidence in the continued profitable growth of the business and our commitment to enhancing total shareholder returns. We have the financial resources and liquidity to pursue our strategies. measuring 04 Up 2003 SAKS INCORPORATED LETTER TO OUR SHAREHOLDERS Further enhancing our Investing in strategic real estate portfolio. systems improvements. Our real estate strategy remains centered on enhancing We completed the conversion of each of our operating our position in existing core markets and on entering divisions to a common technology platform with key strategic markets. During the year, our capital greatly enhanced inventory management tools, expenditures totaled $180 million, with nearly half permitting more sophisticated inventory planning and related to opening seven new stores and renovating more precise by-store inventory allocation. We also six others. Saks Fifth Avenue opened stores in two new began the company-wide installation of advanced key markets—Indianapolis, Indiana and Richmond, point-of-sale systems, which will allow for more Virginia. At SDSG, we strengthened our position in clienteling and customer relationship management several important existing markets including Omaha, capabilities. Logistics enhancements installed at our Nebraska; Lansing, Michigan; Green Bay, Wisconsin; distribution centers have increased the efficiency at and Peoria, Illinois. In addition, we opened a new which merchandise arrives at our stores. Web- Off 5th store in St. Louis, Missouri. We also closed or enabled technology is becoming more important, converted six under-productive units. We ended the with multiple applications throughout the Company, year with 34.4 million square feet of store space. including benefits administration, travel management, As a result of our approach, we are generating e-procurement for supply purchasing, and “reverse” improved returns on invested capital and higher sales auctions for private brand merchandise sourcing, per square foot from our real estate portfolio. which is leading to greater profitability in this increasingly important area of our business. 05 SAKS DEPARTMENT STORE GROUP the“h 2003 SAKS INCORPORATED LETTER TO OUR SHAREHOLDERS SDSG operates 241 department stores, core vendors, and most in 24 states, with 26.4 million square feet, important, from our own under the nameplates of Parisian, Proffitt’s, proprietary brands. McRae’s, Younkers, Herberger’s, Carson Differentiated products Pirie Scott, Bergner’s, and Boston Store, represented nearly 30% of our revenues in 2003, up from and 22 Club Libby Lu specialty stores. 17% two years ago. We are the “hometown” stores and have the number one or number two market Our key item strategy is delivered with authoritative share in 90% of our trade areas. presentations of “must-have” selections in meaningful quantities on our sales floor, supported by compelling SDSG comparable store sales grew 0.4%, and this fixturing and signing. Revenues from key items exceeded performance was at the upper end of our traditional 16% of total sales in 2003, up from 11% two years ago. department store peer group. SDSG operating income We are continuing to add unique elements and totaled $183 million compared to $197 million last departments that make us a shopping destination and year. The decline primarily was a result of a $33 bring a new level of energy to our stores. An example million pre-tax decrease in net credit contribution related of this is Club Libby Lu, to the sale of the private label credit card portfolio. a fresh, distinctive retail concept that offers a truly Areas of focus in 2003 for SDSG included: unique assortment of Adding excitement to our merchandise products and experiences assortments through differentiation, key for the “tween” customer. We acquired this specialty retailer last May and now have 22 mall-based Club items, and expanded categories. Libby Lu stores and Club Libby Lu shops in six of our We are successfully providing product differentiation department stores. This special customer receives the through merchandise from unique vendors, selections “royal” treatment as she enters the preteen fantasyland from emerging suppliers, exclusive products from our for shopping, birthday parties, and special events. 07 SAKS DEPARTMENT STORE GROUP ometown”stores 2003 SAKS INCORPORATED LETTER TO OUR SHAREHOLDERS Transforming the shopping experience. our Customer Relationship Management objectives, using customer spending habits to not only build our We continued to make our stores more customer- merchandise assortments by location, but also to market friendly and convenient to shop. We have added more effectively to unique customer groups and to many innovative features including high-visibility directional signing, “comfort zones” and “living room” improve the in-store experience by offering a variety of areas, headsets in high-traffic shoe departments, and fresh events catered to local markets. a “Wrap-it Express” program. Independent monitoring indicates that we are making progress in the service Reinvigorating the Parisian business. arena as our marks in customer satisfaction continue to George Jones, President and CEO of SDSG, assumed improve year over year. the CEO role at Parisian in addition to his SDSG responsibilities, and subsequently appointed new Reducing pricing confusion. leadership in key merchandising, store, and marketing We are maintaining our emphasis on simplifying positions at this division. With strengthened leadership, pricing and offering great value for our customers. we have renewed our Our “Incredible Value” program has proven highly commitment to assuring successful in providing great products that are that these stores indeed guaranteed to never be on provide our customers sale for less during
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