Saks Sales More Than Triple |
| Wall Street Journal - Nov 20, 2007 |
Saks Inc.'s fiscal third-quarter net income more than tripled as it overcame "downward pressure" on merchandise margins and the negative effects the warm autumn weather had on the profits of many mall retailers.
However, gross margin was flat at 42% due to the impact of unredeemed gift cards.
For the quarter ended Nov. 3, the New York-based luxury department-store chain posted net income of $21.6 million, or 14 cents a share, up from $6.2 million, or five cents a share, last year. The latest results include three cents a share in charges, largely on litigation costs, while the prior year had a five cent loss from discontinued operations and a net three cents in charges. The mean estimate of analysts surveyed by Thomson Financial was for earnings of 16 cents per share.
Read Full Article from Wall Street Journal
- Posted: 2007-11-20 10:06:01
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