Saks revises Q3 profit due to tax benefit

New York City Saks on Friday restated its third-quarter profit to add a $4.4 million tax benefit, bumping its net income to $6.3 million from $1.9 million.

Saks said per-share profit had been revised to 4 cents from 1 cent in the quarter that ended Oct. 31.

It originally reported on Nov. 17 that it had earned its first quarterly profit in six quarters by cutting expenses and promotions. The $4.4 million had been put aside for a possible tax liability but the company determined it could be recorded as a gain.