Tags: US | Earns | Saks

Saks Narrows Loss as Promotions Fade

Tuesday, 17 Aug 2010 08:39 AM

Upscale department store Saks Inc. says its second-quarter loss narrowed as its margins improved because it was able to sell more products at full-price.

Saks lost $32.2 million, or 21 cents per share, in the quarter that ended July 31. A year earlier, the chain lost $54.5 million or 39 cents per share.

The results include after-tax charges of 8 cents per share for two store closings announced Tuesday and severance at three stores that closed last month.

Analysts, who typically exclude such one-time items, expected a loss of 17 cents per share on revenue of $585.2 million.

Revenue rose 5 percent to $593.1 million.

Saks plans to close its Saks Fifth Avenue store in Plano, Texas, next week and one in Mission Viejo, Calif., in October.

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Upscale department store Saks Inc. says its second-quarter loss narrowed as its margins improved because it was able to sell more products at full-price.Saks lost $32.2 million, or 21 cents per share, in the quarter that ended July 31. A year earlier, the chain lost $54.5...
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2010-39-17
Tuesday, 17 Aug 2010 08:39 AM
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