Exhibit 99.1

SAKS INCORPORATED ANNOUNCES OCTOBER COMPARABLE

STORE SALES INCREASE

New York, New York (November 5, 2009)—Retailer Saks Incorporated (NYSE: SKS) (the “Company”) today announced that owned sales totaled $219.8 million for the four weeks ended October 31, 2009 compared to $216.0 million for the four weeks ended November 1, 2008, a 1.8% increase. Comparable store sales increased 0.7% for the month.

For the third quarter ended October 31, 2009, owned sales totaled $622.7 million compared to $682.0 million for the third quarter ended November 1, 2008, an 8.7% decrease. Comparable store sales decreased 10.1% for the quarter.

On a year-to-date basis, for the nine months ended October 31, 2009, owned sales totaled $1,794.3 million compared to $2,175.3 million for the nine months ended November 1, 2008, a 17.5% decrease. Comparable store sales decreased 18.5% for the nine-month period.

The Saks Fifth Avenue stores experienced continued weakness during the month, although several merchandise categories showed relative strength including women’s designer sportswear and “gold range” apparel, outerwear, jewelry, and soft accessories. Saks Direct performed very well during the month, and Saks OFF 5TH also showed relative strength in October.

Management continues to estimate that comparable store sales will decline in the mid-to-high single digit range in the aggregate for the second half of fiscal 2009.

Prior year numbers have been adjusted to remove the sales of the Company’s discontinued Club Libby Lu operations.

Saks Incorporated operates 53 Saks Fifth Avenue stores, 55 Saks OFF 5TH stores, and saks.com.

Forward-looking Information

The information contained in this press release that addresses future results or expectations is considered “forward-looking” information within the definition of the Federal securities laws. Forward-looking information in this document can be identified through the use of words such as “may,” “will,” “intend,” “plan,” “project,” “expect,” “anticipate,” “should,” “would,” “believe,” “estimate,” “contemplate,” “possible,” and “point.” The forward-looking information is premised on many factors, some of which are outlined below. Actual consolidated results might differ materially from projected forward-looking information.

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The forward-looking information and statements are or may be based on a series of projections and estimates and involve risks and uncertainties. These risks and uncertainties include such factors as: the level of consumer spending for luxury apparel and other merchandise carried by the Company and its ability to respond quickly to consumer trends; macroeconomic conditions and their effect on consumer spending; the Company’s ability to secure adequate financing; adequate and stable sources of merchandise; the competitive pricing environment within the retail sector; the effectiveness of planned advertising, marketing, and promotional campaigns; favorable customer response to relationship marketing efforts of proprietary credit card loyalty programs; appropriate inventory management; effective expense control; successful operation of the Company’s proprietary credit card strategic alliance with HSBC Bank Nevada, N.A.; geo-political risks; the performance of the financial markets; changes in interest rates; and fluctuations in foreign currency and exchange rates. For additional information regarding these and other risk factors, please refer to the Company’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended January 31, 2009, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, which may be accessed through the Internet at www.sec.gov.

The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events, or otherwise.

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