Saks Makes Money in 4Q on Full-Price Sales

NEW YORK  – Saks Inc. returned to profitability in its
fiscal fourth quarter as the department store chain sold more items
at full-price and used fewer promotions.

The New York company reported net income of $25 million, or 14
cents per share, for the period ended Jan. 29. That compares with a
loss of $4.6 million, or 3 cents per share, a year earlier.

Adjusted earnings were 13 cents per share. Analysts expected
adjusted earnings of 6 cents per share.

Revenue rose 7 percent to $866.3 million, topping Wall Street’s
estimate of $854.4 million.

The parent company of upscale Saks Fifth Avenue and off-price
Off 5th stores said Wednesday that revenue at stores open at least
a year climbed 8.4 percent.

Last week competitor Nordstrom Inc. reported its fourth-quarter
earnings climbed, partly helped by a holiday rebound in full-price
sales.