Saks, Inc. (SKS) Reports In-Line Q3 EPS; Nov. Trends Slow on Sandy
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Financial Fact:
Loss on extinguishment of debt: 0
Today's EPS Names:
OFLX, VAXX, NMRD, More
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Saks, Inc. (NYSE: SKS) reported Q3 EPS of $0.12, in-line with the analyst estimate of $0.12. Revenue for the quarter came in at $713.2 million versus the consensus estimate of $725.7 million.
The company said sales trends have been soft the first two weeks of November in the aftermath of Hurricane Sandy.
Commenting on Q4, the company said:
Sadove commented, "As the overall macroeconomic environment remains very uncertain, we continue to approach the future cautiously but very strategically. We remain focused on executing our core merchandising, service, and marketing strategies, and at the same time, we are making the systems and infrastructure investments necessary to evolve our business to more fully embrace omni-channel retailing. We are confident that these investments will position us for the future and will generate incremental sales and operating margin improvement over time. We remain very optimistic about the outlook for luxury retailing and for Saks Fifth Avenue.
"Having said that, sales trends have been soft for the first two weeks of November in the aftermath of Hurricane Sandy. Many of our stores, representing about 40% of our total company revenues, were directly impacted by the storm, and we have experienced a decline in saks.com sales generated from our customers in the Northeast. Additionally, sales in a number of our other stores, particularly in Florida, were indirectly affected by the storm, as many of our Northeastern customers have ties to those markets. In aggregate, we estimate that Hurricane Sandy impacted about 55% of our total company store revenue base. Based on these current sales trends we are adjusting our outlook for the fourth quarter, which we believe represents a more realistic view of the business."
For earnings history and earnings-related data on Saks, Inc. (SKS) click here.
The company said sales trends have been soft the first two weeks of November in the aftermath of Hurricane Sandy.
Commenting on Q4, the company said:
Sadove commented, "As the overall macroeconomic environment remains very uncertain, we continue to approach the future cautiously but very strategically. We remain focused on executing our core merchandising, service, and marketing strategies, and at the same time, we are making the systems and infrastructure investments necessary to evolve our business to more fully embrace omni-channel retailing. We are confident that these investments will position us for the future and will generate incremental sales and operating margin improvement over time. We remain very optimistic about the outlook for luxury retailing and for Saks Fifth Avenue.
"Having said that, sales trends have been soft for the first two weeks of November in the aftermath of Hurricane Sandy. Many of our stores, representing about 40% of our total company revenues, were directly impacted by the storm, and we have experienced a decline in saks.com sales generated from our customers in the Northeast. Additionally, sales in a number of our other stores, particularly in Florida, were indirectly affected by the storm, as many of our Northeastern customers have ties to those markets. In aggregate, we estimate that Hurricane Sandy impacted about 55% of our total company store revenue base. Based on these current sales trends we are adjusting our outlook for the fourth quarter, which we believe represents a more realistic view of the business."
For earnings history and earnings-related data on Saks, Inc. (SKS) click here.
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