Saks Inc.'s first-quarter profits were impacted by after-tax items, but sales and comps both rose in the period.
For the three months ended May 4, net income dropped 37.8 percent to $20 million, or 13 cents a diluted share, from $32.1 million, or 18 cents, a year ago. Excluding $10.1 million in after-tax items for store closing costs and a non-cash loss on the extinguishment of debt in connection to the retailer's redemption of its $230 million convertible senior notes, the company would have posted net income of $30.1 million, or 19 cents, for the quarter. Net sales rose 5.3 percent to $793.2 million from $753.6 million, with comparable-store sales up 5.9 percent on top of the 4.8 percent increase in the year-ago quarter.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"