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Saks profit surges in Q3
New York City -- Saks reported Tuesday that its net income rose to $36.3 million for the quarter ended Oct. 30, up from $6.3 million in the year-ago period. Third-quarter 2010 results were helped by a surge in luxury spending and a $26.7 million gain related to income tax reversals.
Revenues rose to $658.8 million for the quarter, compared with $631.4 million the prior year. Same-store sales increased 5.7%.
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Sales and profits up at TJX
Framingham, Mass. -- The TJX Cos.' fiscal third-quarter earnings rose 7%, topping its own forecasts, as the discount retailer's sales improved.
The company reported a better-than-expected profit of $372.3 million, up from $347.8 million in the year-ago period. Net sales rose 5% to $5.53 billion, from $5.24 billion. Same-store sales increased 1%.