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.
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