logo
Share SHARE
FONT-SIZE Plus   Neg

Saks Q2 Loss Widens - Quick Facts

Retailer Saks Inc. (SKS: Quote) 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
Gas explosion in Fresno in California injured 11 people on Friday afternoon. Pacific Gas and Electric Co. (PG&E) said workers who are not affiliated with the company have struck a 12-inch natural gas transmission pipeline and the gas leaked was ignited due to the dig-in. Verizon Communications' FiOS TV service has modified its programming bundles and will now offer new packages so that users can subscribe only for channels they prefer to watch. Instagram, the photo sharing app owned by Facebook, has updated its community guidelines to disallow nudity and harassment in uploaded photos and pictures, as well as cyber bullying.
comments powered by Disqus
Follow RTT