Retailer Saks Inc. (SKS: Quote) reported net loss of $12.3 million or $0.08 per share for the second quarter compared to the loss of $8.4 million or $0.05 per share a year ago. Excluding items, net loss per share stood flat at $0.05.
Net sales for the three-month period improved to $704.12 million from $670.18 million in the same quarter a year earlier.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.09 per share on revenues of $704.01 million for the quarter. Analysts' estimates typically exclude special items.
Stephen Sadove, chairman and chief executive officer, commented, "Our comparable store sales increases of 4.7% in both the second quarter and six months were on top of very strong 15.5% and 12.7% increases in the second quarter and first six months of last year, respectively. As expected, we experienced gross margin rate deterioration and SG&A deleverage (excluding certain items) during the quarter and first half."
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by RTT Staff Writer
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