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Significant improvement in Saks operating performance
17
Aug '11
Retailer Saks Incorporated announced results for the second quarter and six months ended July 30, 2011.

Overview of Results for the Second Quarter and Six Months Ended July 30, 2011

For the second quarter ended July 30, 2011, the Company recorded a net loss of $8.4 million, or $.05 per diluted share. Those results included after-tax charges totaling $0.8 million comprised of:

• a pension and related benefit charge, a write-down of a third party receivable, and an asset impairment charge totaling $1.8 million and
• the reversal of approximately $1.0 million in state income tax reserves deemed no longer necessary.

Excluding these after-tax charges, the Company would have recorded a net loss of $7.6 million, or $.05 per share, for the second quarter ended July 30, 2011.

For last year's second quarter ended July 31, 2010, the Company posted a net loss of $32.2 million, or $.21 per share. Those results included after-tax charges totaling $11.7 million, or $.08 per share, comprised of $10.6 million of net lease termination costs and $1.1 million of severance and other store closing costs. Excluding these after-tax charges, the Company would have recorded a net loss of $20.5 million, or $.13 per share, for the second quarter ended July 31, 2010.

For the six months ended July 30, 2011, the Company recorded net income of $20.0 million, or $.12 per diluted share. Those results included after-tax charges totaling $2.9 million, or $.02 per share, comprised of:

• the aforementioned pension and related benefit charge, third-party receivable write-down, and asset impairment charge totaling $1.8 million,
• $1.8 million of store closing expenses,
• a $0.3 million loss on debt extinguishment (related to the early retirement of approximately $1.9 million of senior notes) and
• the aforementioned reversal of approximately $1.0 million in state income tax reserves.

Excluding these after-tax charges, the Company would have recorded net income of $22.9 million, or $.14 per share, for the six months ended July 30, 2011.

For the prior year six months ended July 31, 2010, the Company recorded a net loss of $13.4 million, or $.09 per diluted share. Those results included after-tax charges totaling $12.8 million, or $.09 per share, comprised of the aforementioned net lease termination costs of $10.6 million and $2.2 million of severance and other store closing costs. Excluding these after-tax charges, the Company would have recorded a net loss of $0.6 million, or $.00 per share, for the six months ended July 31, 2010.

Comments on the Second Quarter and Six Months Ended July 30, 2011

Stephen I. Sadove, Chairman and Chief Executive Officer of the Company, noted, "I am very pleased with the significant improvement in our operating performance for the second quarter and six months ended July 30, 2011 which resulted from strong comparable store sales growth, continued gross margin rate expansion, and meaningful SG&A leverage.


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