Luxury goods retailer Saks Inc. is reporting a wider-than-expected loss in the second quarter as its affluent shoppers cut back on apparel amid a slowing economy.

The operator of the Saks Fifth Avenue chain is also delivering a downbeat forecast for the year.

The New York-based retailer said Tuesday it lost $31.7 million, or 23 cents per share, for the three-month period ended Aug. 2. That compares with a net loss of $24.6 million, or 17 cents per share, in the year-ago period.

It says revenues fell 3.5 percent to $669.2 million.

Thomson Reuters says that analysts it surveyed expected a smaller loss of 19 cents a share on higher revenue of $679.2 million.