Saks CEO pleased with substantial improvement for Q1
23 May '07
3 min read
Retailer Saks Incorporated announced results for the first quarter ended May 5, 2007. The Company sold its Saks Department Store Group (SDSG) businesses in 2005 and 2006, and the sold SDSG businesses are presented as "discontinued operations" in the prior year period. Saks Fifth Avenue (SFA) and Club Libby Lu are reflected in the Company's continuing operations.
Overview of First Quarter Results: Saks Incorporated recorded net income of $11.0 million, or $.07 per share, for the first quarter ended May 5, 2007.
The first quarter included the following after-tax items: • expenses of approximately $13.5 million, or $.09 per share, for retention, severance, and transition costs as the Company downsizes following the disposition of its SDSG businesses, • expenses of approximately $1.0 million, or $.01 per share, associated with the previously disclosed ongoing investigations by the Securities and Exchange Commission and the Office of the United States Attorney for the Southern District of New York, and • a loss on extinguishment of debt totaling $3.1 million, or $.02 per share, related to the repurchase of $95.9 million of senior notes.
For the prior year first quarter ended April 29, 2006, the Company recorded income from continuing operations of $11.7 million, or $.09 per share. After recognition of the Company's after-tax gain from discontinued operations of $66.2 million, or $.49 per share, net income totaled $77.9 million, or$.57 per share, for the prior year first quarter. The prior year first quarter included the following after-tax items:
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