Department store retailer Saks Incorporated announced it has filed its Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2005 (the "First Quarter 10-Q") with the Securities and Exchange Commission. Preliminary first quarter results were released on May 17, 2005.
The Company operates two business segments, Saks Department Store Group ("SDSG") and Saks Fifth Avenue Enterprises ("SFAE"). SDSG consists of the Company's department stores under the Parisian, Younkers, Herberger's, Carson Pirie Scott, Bergner's, and Boston Store nameplates and Club Libby Lu specialty stores. SFAE is comprised of Saks Fifth Avenue luxury department stores, Saks Off 5th outlet stores, and saks.com.
The Company did not timely file its First Quarter 10-Q primarily due to the delayed September 1, 2005 filing of the Company's Annual Report on Form 10-K.
Prior period financial information contained in this release has been restated to reflect adjustments primarily related to the improperly collected markdown allowances at an SFAE merchandising division as well as to the timing of recording of vendor markdown allowances and lease accounting methods (related to accounting for rent holidays, tenant allowances, and symmetry of lease terms).
Earnings Overview Saks Incorporated recorded net income of $16.2 million, or $.11 per share, for the first quarter ended April 30, 2005. On May 17, 2005, the Company announced preliminary net income of $17.1 million, or $.12 per share. The reductions from the preliminary numbers primarily relate to a legal reserve established for a September 23, 2005 court ruling on a severance-related lawsuit.
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