Home / Knowledge / News / Apparel/Garments / Improvement in operating performance, Saks
Improvement in operating performance, Saks
18
Aug '10
Retailer Saks Incorporated announced results for the second quarter and six months ended July 31, 2010.

Overview of Results for the Second Quarter and Six Months Ended July 31, 2010

For the second quarter ended July 31, 2010, the Company recorded a net loss of $32.2 million, or $.21 per diluted share. Those results included after-tax charges totaling $11.7 million, or $.08 per share, comprised of:

• net lease termination costs of $10.6 million, primarily related to the planned closings of the Saks Fifth Avenue stores in Plano, Texas and Mission Viejo, California and
• $1.1 million of severance and other store closing costs primarily related to the Plano and Mission Viejo store closings as well as the Portland, Oregon; San Diego, California; and Charleston, South Carolina store closures in July 2010.

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 last year's second quarter ended August 1, 2009, the Company posted a net loss of $54.5 million, or $.39 per share.

For the 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 related to the planned Plano and Mission Viejo closings as well as the Portland, San Diego, and Charleston store closures.

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.

For the prior year six months ended August 1, 2009, the Company posted a net loss of $59.6 million, or $.43 per share. Excluding the after-tax loss from discontinued operations of $0.2 million, the Company recorded a loss from continuing operations of $59.4 million, or $.43 per share.

Comments on the Second Quarter and Six Months
Stephen I. Sadove, Chairman and Chief Executive Officer of the Company, noted, "I am pleased with the meaningful improvement in our operating performance for the second quarter and six months ended July 31, 2010 (excluding the previously mentioned store closing costs). These results exceeded our expectations and primarily were driven by comparable store sales growth and significant gross margin expansion.

"Our 4.6% second quarter comparable store sales increase was consistent with our expectations, even as we strategically reduced our promotional activity. Comparable store sales grew 5.4% for the six months."

Sadove noted, "During the first half of this year we began to experience a more stable operating environment due in part to the improved financial markets; however, the macroeconomic outlook remains uncertain, and accordingly, we will continue to approach the future cautiously. We have taken a number of actions over the past two years to navigate the challenging business climate, and while we will continue to maintain a conservative bias, we have made and will continue to make some targeted investments to support continued sales growth."


Must ReadView All

Uzbekistan wants joint ventures with Hungarian textile firms

Textiles | On 20th Feb 2018

Uzbekistan wants joint ventures with Hungarian textile firms

Uzbekistan has offered Hungary to create joint ventures in the two...

Vietnam’s textile & garment exports up 10.68% in 2017

Textiles | On 20th Feb 2018

Vietnam’s textile & garment exports up 10.68% in 2017

Vietnam came very close to achieving its 2017 textile and garment...

From left: Tania Polonnowita Wettimuny, MD, Hellmann Sri Lanka; Bart de Vries, Global COO Air & Sea Hellmann; Deshamanya Mahesh Amalean, Chairman, MAS Holdings; & Shirendra Lawrence, COO, MAS Holdings

Textiles | On 20th Feb 2018

Hellmann and MAS form joint venture HMSC

Hellmann Worldwide Logistics and MAS Holdings have formed Hellmann...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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

February 2018

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
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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