Mexican billionaire Carlos Slim Helu did a little bargain shopping at Saks. He bought 2 million more shares of upscale department store operator Saks Inc. for $9.6 million, building his stake in the retailer to
15.4 million shares, according to an SEC filing.
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Over the past year, Saks stock has sunk 50%. Shares for Saks are selling for a bit over $9. Last year on the same date, they were worth over $20.
Saks released sales figures Thursday. Same-store sales rose 1.9%, but analysts had expected a boost of 6.5%, according to Forbes. Saks blamed the credit crunch and consumer spending for slowed sales.- Maria Woehr
