Home / Knowledge / News / Apparel/Garments / Significant improvement in Saks operating performance
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.

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search