Home / Knowledge / News / Apparel/Garments / Saks CEO pleased with Q3 operating performance
Saks CEO pleased with Q3 operating performance
17
Nov '10
Retailer Saks Incorporated announced results for the third quarter and nine months ended October 30, 2010.

Overview of Results for the Third Quarter and Nine Months Ended October 30, 2010
For the third quarter ended October 30, 2010, the Company recorded net income of $36.3 million, or $.20 per diluted share. Those results included a $26.7 million, or $.14 per share, gain related to the reversal of certain estimated income tax reserves deemed no longer necessary. Excluding this gain, the Company would have recorded net income of $9.7 million, or $.06 per share, for the third quarter ended October 30, 2010.

For last year's third quarter ended October 31, 2009, the Company posted net income of $6.3 million, or $.04 per share. Those results included a $4.4 million, or $0.03 per share, gain related to the reversal of certain estimated income tax reserves deemed no longer necessary. Excluding this gain, the Company would have recorded net income of $1.9 million, or $.01 per share, for the third quarter ended October 31, 2009.

For the nine months ended October 30, 2010, the Company recorded net income of $22.9 million, or $.14 per diluted share. Those results included a net after-tax gain totaling $13.9 million, or $.08 per share, comprised of:

• $12.8 million of net lease termination, severance, and other store closing costs primarily related to the second and third quarter closings of six Saks Fifth Avenue stores, netted against
• the aforementioned gain of $26.7 million related to the reversal of certain estimated income tax reserves.

Excluding these items, the Company would have recorded net income of $9.0 million, or $.06 per share, for the nine months ended October 30, 2010.

For the prior year nine months ended October 31, 2009, the Company posted a net loss of $53.3 million, or $.37 per share. Excluding an after-tax loss from discontinued operations of $0.3 million, the Company recorded a loss from continuing operations of $53.0 million, or $.37 per share. Those results included the aforementioned gain of $4.4 million, or $0.03 per share, related to the reversal of certain estimated income tax reserves. Excluding this gain, the Company would have recorded a net loss of $57.7 million, or $.40 per share, for the nine months ended October 31, 2009.

Comments on the Third Quarter and Nine Months
Stephen I. Sadove, Chairman and Chief Executive Officer of the Company, noted, "I am pleased with our third quarter operating performance. The year-over-year improvement was primarily driven by our continued comparable store sales growth and gross margin expansion.

"Our 5.7% third quarter comparable store sales increase was consistent with our expectations, and was achieved even as we continued to strategically reduce our promotional activity." The Company's comparable store sales grew 5.5% for the nine months.

In the Saks Fifth Avenue stores, several merchandise categories showed strength during the quarter, including shoes, women's apparel, dresses, men's sportswear, and fashion jewelry. The New York City flagship store sales performance was in line with the Company's aggregate comparable store sales performance during the quarter.

Must ReadView All

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Courtesy: Alizilla

Apparel/Garments | On 24th Mar 2017

Alibaba's eWTP finds first overseas base in Malaysia

In a step towards using the internet to bring small businesses around ...

Textiles | On 24th Mar 2017

BJMC to produce cotton-jute blended denim fabrics

To meet demand from the market, Bangladesh Jute Mills Corporation...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kevin Nelson
TissueGen

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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:
March 2017

March 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