Saks (SKS) Surges After Smaller-Than-Expected Loss

Shares of Saks Incorporated (NYSE: SKS) are seeing upside action today after reporting a smaller-than-expected Q1 loss. Shares are up 23% on heavy volume.

Saks reported a Q1 loss of $0.04, ex-items, versus the analyst estimate of a $0.26 loss. Revenue for the quarter was $621.3 million, versus the consensus of $619.99 million. Saks also reaffirmed their forecast for comps down low-double digits.

Analysts at Deutsche Bank noted that gross margins were up a surprising 39 basis points due to a shift in clearance events from Q1 into Q2. The firm also said the company has ample liquidity under its revolver, which terminates in Sept. 2011.

Real-Time Market Moving News Two-Weeks FREE http://www.streetinsider.com/premium_content.php

You May Also Be Interested In

• Deutsche Bank Upgrades Target Hospitality (TH) to Buy
• Willis Lease Finance Corporation CEO Austin C. Willis to Speak at Deutsche Bank's 16th Annual Aviation Forum
• Deutsche Bank Downgrades Oxford Biomedica (OXB:LN) (OXBDF) to Hold