Saks reports 4th-quarter loss as affluent cut back (AP)

In this Nov. 18, 2008 file photo, a store window at Saks Fifth Avenue is shown in New York. Saks Inc. is reporting a loss for the fourth quarter Wednesday, Feb. 25, 2009, as affluent shoppers have sharply cut back on luxury goods since the financial meltdown intensified in September. (AP Photo/Mark Lennihan, file)AP – Saks Inc. reported a loss for the fourth quarter Wednesday as the luxury retailer was forced to slash prices to hold onto affluent shoppers who have sharply cut their spending in the recession.

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