Saks Inc. shares tank 26% to the $2 Range

Huge blow to Saks Incorporated (NYSE:SKS) shareholders, after reporting a huge Q3 loss and weak outlook, SKS share are down more than 25% and heading towards $2.

Saks reported Q3 loss of $0.31, versus the analyst estimate of ($0.03). Slight miss by Wall Street standards.

Revenue for the quarter was $698 million, versus the consensus of $712.73 million.

Sees Q4 same store sales are expected to be in the up low-sing-digit range.

Saks Incorporated, a fashion retail company, together with its subsidiaries, operates fashion retail stores under the brand names of Saks Fifth Avenue (SFA), Off Fifth, and Club Libby Lu (CLL) offering a range of luxury fashion apparel, shoes, accessories, jewelry, cosmetics, and gifts.  No big surprise people are not spending money at Saks, if Target (NYSE:TGT) just Cut their Outlook and Suspended their Buyback, how much better can Saks be doing or do in 2009?

The big question now is how long can Saks stay in business before their market share is crushed to zero?  Time will tell.  Before you think about buying on the dip, wait for the analysts to process this huge drop, things are likely to get worse.