-
Handbag, jewelry sales send Saks income soaring
NEW YORK — Saks Inc. fourth-quarter net income climbed 48% amid strong sales of handbags, fine jewelry and men's and women's apparel. The earnings topped expectations.
For the period ended Jan. 28, Saks earned $37 million, compared with $25 million last year. Quarterly revenue rose 7% to $925.1 million from $866.3 million, beating Wall Street's $918.9 million estimate.
Same-store sales were up 7.7%.
Saks Direct has an increase of about 21%. Saks said revenue at Off 5th stores open at least a year was weaker than expected.
-
Nook investment pays off at B&N
NEW YORK — The growing popularity of its Nook devices once again helped drive up sales at Barnes & Noble. The company reported that total sales for the third quarter increased 5% to $2.4 billion from $2.3 billion for the same period last year. Barnes & Noble store sales increased 2% from $1.46 billion to $1.49 billion. Comparable-store sales increased 2.8%, on top of a 7.3% increase a year ago. Retail core comparable-store sales, which exclude sales of devices, accessories and warranties, increased 4.2% over last year.