Remember those halcyon days when Saks Fifth Avenue had delicious designer merchandise at 70% off? Wasn't that just lovely? Well, snap out of it, because it's not happening again.

Saks CEO Steve Sadove said that last fall's imbalance in supply and demand was a "one time phenomenon ... I would not anticipate you would see that again." Oh, and those of us who took advantage of the sales to get a taste of luxury goods are out of luck:

He added that Saks had no plans to target shoppers who may have traded up to Saks' deeply discounted merchandise such as designer clothes, handbags and shoes in the past months.

"Our intent is not to go after a mid-tier customer who happened to come in for a deal and make them a core customer at Saks," Sadove said. "(Saks) is a luxury player."

Guess it's time to go back to the Gap.