Saks Earnings Jump to 20 Cents Per Share

Saks Inc. (SKS) reported earnings of 20 cents per share for the third quarter, compared with 4 cents per share a year earlier.

The results for the third quarter included a gain of 14 cents per share related to the reversal of certain estimated income tax reserves deemed no long necessary. Without this gain, Saks would have reported earnings of 6 cents per share, the company said.

Total sales rose 4.3% to $658.8 million, with sales at stores open at least one year up 5.7%.

"I am pleased with our third quarter operating performance. The year-over-year improvement was primarily driven by our continued comparable store sales growth and gross margin expansion," said CEO Stephen Sadove.

Sales at stores open at least one year will be in the mid-single digit range for the fourth quarter and fiscal 2010.

Saks also plans to contribute common stock worth as much as $20 million to the company's pension plan by the end of this month.




Read Full Story

Markets

DJIA 21,080.28 -2.67 -0.01%
NASDAQ 6,210.19 4.94 0.08%
S&P 500 2,415.82 0.75 0.03%
NIKKEI 225 19,686.84 -126.29 -0.64%
HANG SENG 25,639.27 8.49 0.03%
DAX 12,602.18 -19.54 -0.15%
USD (per EUR) 1.12 0.00 0.02%
USD (per CHF) 0.97 0.00 0.00%
JPY (per USD) 111.32 0.00 0.00%
GBP (per USD) 1.28 0.00 0.01%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.