(Filed Under Financial and General Interest News). Driven by strength across merchandise categories including women and men’s apparel, Saks Inc. cited a 8.4 percent comparable store sales increase during the fourth quarter ended January 29, and a 6.4 percent increase during the fiscal year ended the same day.
For the quarter, the company cited net income of $25 million, or 14 cents per share, including an after-tax gain of $3.4 million, or 1 cent per share. These results include a net gain of $5.4 million primarily related to Saks Fifth Avenue store closings and a $2 million non-cash pension charge related to excess lump sum distributions during 2010. They were an improvement over last year’s fourth quarter, when Saks posted a net loss of $4.6 million, or 3 cents per share.
During the fiscal year, the company’s net income was $47.8 million, or 30 cents per share, including an after-tax gain of $17.2 million, or 11 cents per share. During the previous year, the company posted a net loss of $57.9 million, or 40 cents per share.
Based on these results, Saks expects comparable store sales to grow in the mid-single digit range and comparable store inventory levels to be up in the mid-single digit range for the full year.
Saks Inc. currently operates 47 Saks Fifth Avenue stores and 57 OFF 5TH stores.
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