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current news

Saks 4q Sales Exceed Expectations


Saks Fifth Avenue flagship in New York City.
Saks Fifth Avenue flagship in New York City.

(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.


more Financial and General Interest News >>

Published 02-23-2011 by Amanda Torres Price

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