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Q2 FY'14 losses climb at Saks Inc
19
Aug '13
Saks Incorporated announces results for the second quarter ended on August 3, 2013.

Overview of Results for the Second Quarter and Six Months Ended August 3, 2013

For the second quarter ended August 3, 2013, the Company recorded a net loss of $19.6 million, or $.13 per diluted share.

The results included after-tax charges totaling $5.2 million comprising $1.1 million of store closing costs, a $1.6 million non-cash pension settlement charge related to the payment of excess lump-sum distributions, and $2.5 million of expenses related to the pending merger with HBC. Excluding these items, the Company would have recorded a net loss of $14.4 million, or $.10 per share, for the second quarter ended August 3, 2013.

For the prior year 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 comprising $1.5 million of pre-opening costs associated with the Company’s new Tennessee fulfillment center 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 six months ended August 3, 2013, the Company recorded net income of $0.4 million, or $.00 per diluted share.

The results included after-tax charges totaling $15.3 million comprising $3.4 million of store closing costs, a $7.8 million non-cash loss on extinguishment of debt related to the Company’s redemption of its $230 million 2% Convertible Senior Notes, a non-cash $1.6 million pension settlement charge, and $2.5 million of expenses related to the pending merger with HBC. Excluding these items, the Company would have recorded net income of $15.7 million, or $.11 per share, for the six months ended August 3, 2013.

For the prior year 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 comprising $1.8 million of pre-opening costs associated with the Company’s new Tennessee 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.

Click here to read full results

Saks Incorporated

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