Saks Posts Surprise Profit
The news sent shares jumping more than 5.5% in pre-market trading.
During the quarter, the high-end department store earned $1.93 million, or 1 cent a share, compared with a loss of $43.7 million, or 32 cents, in the year-ago period. Analysts expected a loss of 11 cents a share.
Sales fell 8.5% to $631.4 million from $690.3 million, while same-store sales tumbled 10%.While sales remain depressed, the company is seeing improving gross margins as it slashes its promotional activity. Gross margin rose to 40.3% from 35.7% during the quarter. Saks saw strength in its women's designer sportswear category, jewelry and improvement in its New York flagship store.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV