Saks posts 3Q income of $21.6M

NEW YORK Saks today reported net income of $21.6 million, or 14 cents per share, for the third quarter ended Nov. 3. This compares to net income of $12.5 million, or 9 cents per share for the prior year period.

For the nine months ended Nov. 3, Saks recorded net income of $8 million, or 5 cents per share. For the prior year nine months ended Oct. 28, 2006, the company recorded a loss from continuing operations of $29 million, or 21 cents per share.

According to Stephen Sadove, chairman and ceo of Saks, comparable-store growth for the third quarter rose 11.4%. He added that the strong same-store sales growth "indicates that [its] customers are continuing to respond to our strengthened merchandise selections, service initiatives, and innovative marketing.”

Sadove continued, “Many of our merchandise categories performed very well in the quarter, including handbags; women’s shoes; jewelry; and men’s apparel, accessories, and shoes. We generated solid performance across all geographies and store sizes."

For the fourth quarter, the company expects comparable-store sales growth in the high single-digits.