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Saks Inc provides outlook for 2008
06 Mar '08
3 min read
• expenses of approximately $10.0 million for retention, severance, and transition costs,
• an $8.2 million non-cash charge related to the treatment under Financial Accounting Standard 123(r) ("FAS 123(r)") of the anti-dilutive adjustment made to outstanding options resulting from the Company's $4 per share dividend paid in the fourth quarter,
• net charges of $2.7 million primarily related to asset impairments and dispositions,
• expenses of approximately $1.4 million for legal and other costs associated with the previously disclosed investigation by the Securities and Exchange Commission ("SEC") (which has been concluded) and the investigation by the Office of the United States Attorney for the Southern District of New York,
• income of approximately $14.4 million primarily due to the favorable conclusion of certain tax examinations and the adjustment of certain tax valuation allowances, and
• an insurance deductible adjustment (credit) of $1.0 million related to the New Orleans store.
The prior year period included an extra week, creating a 14-week fiscal fourth quarter and a 53-week fiscal year that occurs every six years in the accounting cycle for the Company and many other retailers. Management estimates that the extra week added $.06 to earnings per share for the prior year fourth quarter and fiscal year.
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• an $8.2 million non-cash charge related to the treatment under Financial Accounting Standard 123(r) ("FAS 123(r)") of the anti-dilutive adjustment made to outstanding options resulting from the Company's $4 per share dividend paid in the fourth quarter,
• net charges of $2.7 million primarily related to asset impairments and dispositions,
• expenses of approximately $1.4 million for legal and other costs associated with the previously disclosed investigation by the Securities and Exchange Commission ("SEC") (which has been concluded) and the investigation by the Office of the United States Attorney for the Southern District of New York,
• income of approximately $14.4 million primarily due to the favorable conclusion of certain tax examinations and the adjustment of certain tax valuation allowances, and
• an insurance deductible adjustment (credit) of $1.0 million related to the New Orleans store.
The prior year period included an extra week, creating a 14-week fiscal fourth quarter and a 53-week fiscal year that occurs every six years in the accounting cycle for the Company and many other retailers. Management estimates that the extra week added $.06 to earnings per share for the prior year fourth quarter and fiscal year.
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Saks Incorporated
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