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Saks reports Q1 profit soars 51%
New York City -- Citing a strong rebound in luxury spending, Saks reported Tuesday that net income for the quarter ended April 30 soared 51% to $28.4 million, compared with $18.8 million in the year-ago period.
Revenue rose 9% to $726 million, and CEO Stephen Sadove said that he is “increasingly optimistic about the future. With the rebound in the financial markets, the luxury sector has rebounded as well.”
The retailer reported that same-store sales surged 10.2% in the quarter.
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Saks first-quarter profits soar, looks to grow Off 5th unit
NEW YORK — Saks Inc. announced reported net income of $28.4 million, or 16 cents per diluted share, for the first quarter. For the prior year first quarter, the company recorded net income of $18.8 million, or 11 cents per diluted share.
Stephen Sadove, chairman and CEO, noted, "I am very pleased with our first quarter results. Our improved year-over-year performance was driven by a 10.2% comparable-store sales increase and continued gross margin rate improvement."