FONT-SIZE Plus   Neg

Saks Q2 Loss Widens - Quick Facts

Retailer Saks Inc. (SKS) has recorded a wider second-quarter net loss of $19.6 million, or $0.13 per share, versus a $12.3 million, or $0.08 per share loss last year. The latest results included after-tax charges of $5.2 million, consisting of $1.1 million of store closing costs, a $1.6 million non-cash pension settlement charge on the payment of excess lump-sum distributions, and $2.5 million of expenses related to the pending merger with HBC.

Excluding items, the firm said it would have posted a net loss of $14.4 million, or $0.10 per share, for the recent quarter. On average, 13 analysts polled by Thomson Reuters expected loss per share of $0.08 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly net sales totaled $707.84 million, compared with $704.1 million a year earlier, up by 0.5%. Analysts estimated revenues of $732.55 million for the quarter. Saks' Chief Executive noted, "Our comparable store sales increases of 1.5% in the second quarter and 3.8% for the six months were on top of 4.7% increases in both the second quarter and first six months of last year. Several merchandise categories showed sales strength during the second quarter, including women's contemporary and advanced designer apparel; dresses; women's shoes; handbags; fragrances; children's apparel; and men's accessories, shoes, and contemporary apparel."

Further, the company added that it would not hold its regularly scheduled conference call for the investment community and has discontinued providing forward-looking guidance, owing to the pending transaction with Hudson's Bay Co. (HBC.TO).

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Target's website crashed for short period due to the heavy traffic of Cyber Monday, the biggest online shopping day of the year. It's another sign that consumers are growing completely confortable with shopping online instead of braving the holiday shopping season crowds at brick-and-mortars. Target's... Global watch maker, Swatch Group will be launching "pay by the wrist" watches early next year in partnership with Visa Inc. Wal-Mart Stores, Inc. (WMT) Tuesday said nearly half of its orders since Thanksgiving have been placed on a mobile device, double compared to last year. Star Wars toys, 4K HDTVs 50-55", drones, Xbox One and PS4 video game bundles, iPad Minis and 14-ft. trampolines were among the categories that gained...
comments powered by Disqus
Follow RTT