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Saks extends credit agreement to 2016, revises terms
New York City -- Saks said Tuesday that lenders have agreed to amend a $500 million revolving credit agreement that now extends to 2016. The agreement also favorably revises other terms.
As a result, the department store retailer estimates its 2011 interest expenses will total about $50 million, down from its previous estimate of $51 million to $53 million.
The debt previously was scheduled to mature Nov. 23, 2013. Now, it matures March 29, 2016.
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Signet Jewelers Q4 net income falls 9%
Bermuda -- Signet Jewelers Ltd., whose brands include Kay Jewelers and Jared The Galleria of Jewelry, reported Wednesday that net income for the quarter ended Jan. 29 decreased 9% to $105.4 million, from $115.5 million a year earlier.
Revenue for the period rose 6% to $1.27 billion from $1.2 billion, meeting Wall Street expectations. Same-store sales increased 8.1%.