Saks (SKS) Q2 Loss Shrinks, Sales Rise
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Price: $15.49 --0%
EPS Growth %: 0.0%
Financial Fact:
NET SALES: 704.12M
Today's EPS Names:
ANF, DXLG, FL, More
EPS Growth %: 0.0%
Financial Fact:
NET SALES: 704.12M
Today's EPS Names:
ANF, DXLG, FL, More
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Saks Incorporated (NYSE: SKS) said Tuesday that it narrowed its second quarter loss more than expected, as the company boosted profit margins by selling more of its products at full price, but it also announced more store closings.
The upscale department store chain reported a second-quarter loss of $32.2 million or 21 cents per share, compared to a wider loss of $54.5 million or 39 cents per share in the same quarter last year.
Excluding one-time items, the company showed a loss of 13 cents per share in the quarter, 4 cents better than the 17 cents per share loss expected by analysts.
Revenue for Saks rose 5 percent to $593.1 million in the three month period ended July 31, beating the market consensus of $583.91 million.
Same store sales or sales at locations open at least one year for the company rose 4.6 percent for the quarter, while Saks sees the key indicator of a retailer’s health rising in the mid-single digit range for the rest of the year.
"I am pleased with the meaningful improvement in our operating performance for the second quarter," Stephen I. Sadove, Chairman and Chief Executive Officer of Saks, said. "These results exceeded our expectations and primarily were driven by comparable store sales growth and significant gross margin expansion."
Saks closed three stores in the quarter, and added that it will close locations in Plano, Texas, and Mission Viejo, California, saying that these stores were unprofitable and were the most troubled stores operated by the company in the country.
Shares of Saks are up 4.5 percent to $7.95 in midday market movement on Tuesday.
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The upscale department store chain reported a second-quarter loss of $32.2 million or 21 cents per share, compared to a wider loss of $54.5 million or 39 cents per share in the same quarter last year.
Excluding one-time items, the company showed a loss of 13 cents per share in the quarter, 4 cents better than the 17 cents per share loss expected by analysts.
Revenue for Saks rose 5 percent to $593.1 million in the three month period ended July 31, beating the market consensus of $583.91 million.
Same store sales or sales at locations open at least one year for the company rose 4.6 percent for the quarter, while Saks sees the key indicator of a retailer’s health rising in the mid-single digit range for the rest of the year.
"I am pleased with the meaningful improvement in our operating performance for the second quarter," Stephen I. Sadove, Chairman and Chief Executive Officer of Saks, said. "These results exceeded our expectations and primarily were driven by comparable store sales growth and significant gross margin expansion."
Saks closed three stores in the quarter, and added that it will close locations in Plano, Texas, and Mission Viejo, California, saying that these stores were unprofitable and were the most troubled stores operated by the company in the country.
Shares of Saks are up 4.5 percent to $7.95 in midday market movement on Tuesday.
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