Tags: Saks | sandy | storm | sales

Saks: Superstorm Sandy to Limit Holiday Sales Gains

Tuesday, 13 Nov 2012 08:26 AM

Saks Inc. said on Tuesday it expects sales at stores open at least a year to be flat during the current holiday quarter because of a slow start to November due to Superstorm Sandy.

Saks said Sandy affected stores that account for more than half of its sales.

The department store operator reported net income of $22.6 million, or 14 cents per share, for the fiscal third quarter ended Oct. 27, up from $17.8 million, or 11 cents per share, a year earlier.

Editor's Note: 5 Signs Stock Market Will Collapse in 2013

Sales rose 3 percent to $713.2 million, below the $726.1 million analysts were expecting, according to Thomson Reuters I/B/E/S. Sales at stores open at least year rose 3.3 percent, below the company's own forecasts.

© 2015 Thomson/Reuters. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved