Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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).

Register
To receive FREE breaking news email alerts for SAKS Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Dish Network is no longer carrying Fox News in yet another dispute for the television provider. Fox News, which changed the face of cable news with its ardent advocacy of conservative issues, went dark Sunday, replaced on Dish by The Blaze, Glen Beck's new right-leaning channel. Fox Business channel... Swiss drug maker Roche Holding said a late-stage trial of its breast cancer drug Kadcyla did not provide superior results compared with an existing therapy. FCA US, until recently known as Chrysler, said Friday it is recalling 257,000 Dodge Ram pickups. The auto maker says the rear axle pinion nut on certain model year 2005 Dodge Ram 1500 trucks may loosen due to an undersized spline on the pinion gear. If the pinion nut loosens, the rear axle may...
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.