By  on November 20, 2007

Saks Inc. posted robust earnings for the third quarter as the high-end retailer experienced a 14.2 percent sales gain.

Results were driven by an 11.4 percent same-store sales increase in the quarter. The bottom line was also bolstered by the fact that the retailer did not record a loss from discontinued operations — as it did in the previous year. Management also said its online business showed a 40 percent year-over-year gain.

For the quarter ended Nov. 3, net income rose to $21.6 million, or 14 cents a diluted share, from $6.2 million, or 5 cents, in the prior year on sales that rose to $796.1 million from $697 million.

Stephen I. Sadove, chairman and chief executive officer, said in a statement that results indicate “that our customers are continuing to respond to our strengthened merchandise selections, service initiatives, and innovative marketing.”


For complete coverage, see Wednesday's issue of WWD.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus