Saks Inc posts results for Q3 & nine months ended Oct 28
15 Nov '06
3 min read
Retailer Saks Incorporated announced results for the third quarter and nine months ended October 28, 2006.
The Company completed the sale of its Saks Department Store Group ("SDSG") Proffitt's/McRae's business to Belk Inc effective Midnight on July 2, 2005, the sale of SDSG's Northern Department Store Group (NDSG) business to The Bon-Ton Stores Inc effective Midnight on March 4, 2006, and the sale of SDSG's Parisian business to Belk Inc effective Midnight on September 30, 2006.
The sold SDSG businesses are presented as "discontinued operations" in the current and prior year periods. Saks Fifth Avenue Enterprises ("SFAE") and Club Libby Lu are reflected in the Company's continuing operations.
Overview of Results Saks Incorporated recorded income from continuing operations of $12.5 million, or $.09 per share, for the third quarter ended October 28, 2006.
After recognition of the Company's after-tax loss from discontinued operations of $6.3 million, or $.05 per share, related to the sale of the Parisian business, net income totaled $6.2 million, or $.05 per share, for the third quarter ended October 28, 2006.
For the third quarter ended October 28, 2006, operating income from continuing operations totaled $26.5 million compared to an operating loss of $9.9 million in the prior year third quarter.
The Company recorded a loss from continuing operations of $13.5 million, or $.10 per share, for the prior year third quarter ended October 29, 2005.
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