(Filed Under Financial and General Interest News). Fiscal first quarter earnings for Saks Inc. soared 51 percent over first quarter results from last year, signaling that consumers may be ready to return to luxury spending.
Strong sales in men’s and women’s apparel, handbags and shoes increased Saks’ net income to $28.4 million, or 16 cents a share, up from $18.8 million, or 11 cents a share, a year earlier.
Revenue rose 8.8 percent to $726 million, while same-store sales jumped 10.2 percent.
"With the rebound in the financial markets, the luxury sector has rebounded as well," Saks Chairman and Chief Executive Officer Stephen I. Sadove said in a statement. "We are increasingly optimistic about the future and are pleased that our customers have responded to our differentiated merchandising, service and marketing initiatives."
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