Home / Knowledge / News / Apparel/Garments / Apparel retailer Saks Inc posts loss in Q2 FY'12
Apparel retailer Saks Inc posts loss in Q2 FY'12
14
Aug '12

Retailer Saks Incorporated announced results for the second quarter and six months ended July 28, 2012.

Overview of Results for the Second Quarter and Six Months Ended July 28, 2012

For the second quarter ended July 28, 2012, the Company recorded a net loss of $12.3 million, or $.08 per diluted share.

The results included after-tax charges totaling $4.3 million composed of $1.5 million of pre-opening costs associated with the Company’s new fulfillment center in Tennessee which opened in July 2012 and $2.8 million of asset impairments and store closing costs.

Excluding these items, the Company would have recorded a net loss of $8.0 million, or $.05 per share, for the second quarter ended July 28, 2012.

For the prior year 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 composed 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 the six months ended July 28, 2012, the Company recorded net income of $19.8 million, or $.13 per diluted share.

The results included after-tax charges totaling $4.8 million composed of $1.8 million of pre-opening costs associated with the Company’s new fulfillment center and $3.0 million of asset impairments and store closing costs.

Excluding these items, the Company would have recorded net income of $24.6 million, or $.16 per share, for the six months ended July 28, 2012.

For the prior year 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 composed 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.

Click here to read more details: 

Saks Incorporated


Must ReadView All

Israeli minister announces tax cuts on consumer goods

Apparel/Garments | On 14th Dec 2017

Israeli minister announces tax cuts on consumer goods

The Israeli Government will slash taxes by $227 million, finance...

Courtesy: Kelvin Techstyles

Apparel/Garments | On 14th Dec 2017

Kelvin Techstyles fuses style and function in city apparel

Fusing style and function in outdoor clothing, Roseville,...

India’s WPI inflation for textiles up 0.3% in Nov 2017

Textiles | On 14th Dec 2017

India’s WPI inflation for textiles up 0.3% in Nov 2017

India’s annual rate of inflation, based on monthly wholesale price...

Interviews View All

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search