Saks Inc. on Friday restated third-quarter earnings for the period ended Oct. 31 due to the reclassification of a tax reserve.
This story first appeared in the December 7, 2009 issue of WWD. Subscribe Today.
The retailer said the $4.4 million tax reserve it had established for a possible future tax liability should have been reflected as a current period tax benefit.
Following the accounting adjustment, third-quarter income for the period ended Oct. 31 was $6.3 million, or 4 cents a share, compared with the previously reported $1.9 million in income, or 1 cent, before the reclassification.
For the nine months, the loss was $53.3 million, or 37 cents a share, instead of the previously reported loss of $57.7 million, or 40 cents a share.
Shares of Saks gained 1 percent, or 6 cents, to close at $5.96 in trading Friday on the New York Stock Exchange.