Upscale department store proprietor Saks (SKS), owner of Saks Fifth Avenue, reported Q3 sales for the three months ending in October fell 8.5%, year over year, to $631.4 million, yielding a $1.9 million net profit, a big improvement from the $44 million loss a year earlier. The revenue number was ahead of an average $624 million estimate, but the big news is profit per share of a penny was well ahead of expectations for an 11-cent loss. The company said it foresees “high single-digit” same store sales decline in the current holiday quarter, worse than analysts expectations. Still, Saks shares rose 69 cents, or 11%, to $7.10.
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