Saks Inc. reported net income of $18.8 million, or 11 cents per share, during
the first quarter ended May 1, compared to a loss of $5.1 million, or 4
cents a share, a year earlier.
Excluding severance and store closing costs, Saks reported a profit of
12 cents per share. On average, analysts were expecting first-quarter
profit of 5 cents per share on sales of $662.9 million, according to
Thomson Reuters I/B/E/S.
Overall sales were up 6.9% to $667.4 million. Gross margins rose
4.4 percentage points to 43.1% from a year earlier, as the
company increased full-price selling.
Saks said sales at stores open at least a year, a gauge of retail health
known as same-store sales, rose 6.1% during the first quarter.
Looking ahead, Saks forecast same-store sales would rise in the
“low-to-mid single digit” range for the second quarter, and in the
“mid-single digit range” for its full fiscal year.
