logo
Share SHARE
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
GoPro has just launched a facile camera, its smallest and lightest yet, as the action-camera sports maker seeks to further entice its adventure-seeking consumers. Oreo, the popular two chocolate wafers with a sweet crème filling in between has now got a new look. With about half the width of the regular Oreo, the new Oreo Thins will be thinner and slightly reduced in calorie. It will be available from July 13 with no change in its cookie taste and price tag. The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares.
comments powered by Disqus
Follow RTT