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Saks posts bigger than expected loss

Luxury retailer Saks Inc reported a wider-than-expected loss in the third quarter in contrast to a profit a year ago

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Luxury retailer Saks Inc reported a wider-than-expected loss in the third quarter in contrast to a profit a year ago, as its affluent customers slashed spending as the financial meltdown has led to massive job losses on Wall Street and shrinking stock portfolios.

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