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Saks Incorporated Message Board

  • bluecheese4u bluecheese4u May 15, 2012 8:55 AM Flag

    Saks Incorporated Announces Results for the First Quarter Ended April 28, 2012

    Saks Incorporated Announces Results for the First Quarter Ended April 28, 2012

    – Year-over-year earnings improvement driven by 4.8% comparable store sales growth and 30 basis points of gross margin rate improvement –

    – Company updates outlook for balance of 2012 –

    NEW YORK--(BUSINESS WIRE)--May. 15, 2012-- Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today announced results for the first quarter ended April 28, 2012.

    Overview of Results for the First Quarter Ended April 28, 2012

    For the first quarter ended April 28, 2012, the Company posted net income of $32.1 million, or $.18 per diluted share. The results included after-tax items totaling $0.6 million composed of $0.4 million of pre-opening costs associated with the Company’s new fulfillment center opening in Tennessee in August 2012 and $0.2 million of final expenses related to the Saks Fifth Avenue Pittsburgh store closing. Excluding these items, the Company would have recorded net income of $32.7 million, or $.19 per share, for the first quarter ended April 28, 2012.

    For the prior year first quarter ended April 30, 2011, the Company posted net income of $28.4 million, or $.16 per diluted share. The results included after-tax items totaling $2.1 million composed of $1.8 million of store closing expenses and a $0.3 million loss on debt extinguishment (related to the early retirement of approximately $1.9 million of senior notes). Excluding these items, the Company would have recorded net income of $30.5 million, or $.17 per share, for the first quarter ended April 30, 2011.

    Comments on the First Quarter Ended April 28, 2012

    Stephen I. Sadove, Chairman and Chief Executive Officer of the Company, noted, “We continued to make solid progress during the first quarter. Our year-over-year earnings improvement was driven by a 4.8% comparable store sales increase, on top of a 10.2% comparable store sales increase in last year’s first quarter, and continued gross margin rate improvement.”

    Several merchandise categories showed sales strength during the first quarter, including women’s WEAR NOW and contemporary apparel; dresses; women’s shoes; and men’s contemporary apparel, shoes, and accessories. The New York City flagship store sales performance was in line with the comparable store sales performance of the Company’s stores in the aggregate during the quarter.

    The Company generated 30 basis points of year-over-year gross margin rate improvement in the first quarter, to 44.4% this year from 44.1% in last year’s first quarter, primarily resulting from increased full-price selling.

    Sadove noted, “Year-over-year first quarter sales growth was solid but not as robust as in prior quarters. While we continue to see overall growth in the business, certain areas experienced a deceleration in sales. Specifically, some categories within the women’s ready-to-wear zone (such as women’s designer apparel) did not meet our sales expectations, and consequently, we anticipate some incremental markdown pressure in the second quarter as we clear inventory and move through the normal clearance period.

    “Additionally, we continue to

    http://phx.corporate-ir.net/phoenix.zhtml?c=110111&p=irol-newsArticle_print&ID=1695885&highlight=

 

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