Saks Global Enterprises slashed full-year guidance and reported a sales decline in an earnings update to investors on Thursday, citing challenges managing the flow of inventory after years of troubled vendor relationships, according to people with knowledge of the results.

The luxury retailer saw sales drop to $1.6 billion in the second quarter, down 13% compared to the year-ago period, and lost $77 million by one earnings measure, compared to a $41 million loss in the same quarter last year, said the people, who asked not to be identified discussing private information.

It also slashed 2025 earnings guidance by about half, giving a range around $150 million in an investor call Thursday, compared to around $300 million given earlier this year. The company’s bonds due in 2029 declined fo

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