Home / Knowledge / News / Apparel/Garments / Sales up 3% at retailer Saks Inc in Q3 FY'12
Sales up 3% at retailer Saks Inc in Q3 FY'12
19
Nov '12
Retailer Saks Incorporated announced results for the third quarter and nine months ended October 27, 2012.

Sales for the Third Quarter and Nine Months Ended October 27, 2012

For the third quarter ended October 27, 2012, total sales were $713.2 million, a 3.0% increase over total sales of $692.3 million for the prior year third quarter ended October 29, 2011. Comparable store sales increased 3.3% for the quarter.

For the nine months ended October 27, 2012, total sales were $2,170.9 million, a 3.9% increase over total sales of $2,088.5 million for the prior year nine months ended October 29, 2011. Comparable store sales increased 4.3% for the nine months.

Overview of Results for the Third Quarter and Nine Months Ended October 27, 2012

For the third quarter ended October 27, 2012, the Company recorded net income of $22.6 million, or $.14 per diluted share. Those results included a reversal of approximately $3.3 million in Federal income tax reserves deemed no longer necessary.

Excluding this item, the Company would have recorded net income of $19.3 million, or $.12 per share, for the quarter ended October 27, 2012. For the prior year third quarter ended October 29, 2011, the Company recorded net income of $17.8 million, or $.11 per diluted share.

For the nine months ended October 27, 2012, the Company recorded net income of $42.5 million, or $.28 per diluted share. Those results included after-tax charges totaling $1.5 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, netted against the aforementioned $3.3 million income tax reserve reversal.

Excluding these items, the Company would have recorded net income of $44.0 million, or $.29 per share, for the nine months ended October 27, 2012.

For the prior year nine months ended October 29, 2011, the Company recorded net income of $37.8 million, or $.24 per diluted share. Those results included after-tax charges totaling $2.9 million comprised of a pension and related benefit charge, a third-party receivable write-down, and an 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 a 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 net income of $40.7 million, or $.25 per share, for the nine months ended October 29, 2011.

Click here to read more details

Saks Incorporated


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Yash P. Kotak
Bombay Hemp Company

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Mike Hoffman
Gildan Activewear SRL

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

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


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