Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today announced results for the fourth quarter and fiscal year ended February 2, 2013.
Sales for the Fourth Quarter and Fiscal Year Ended February 2, 2013
The fiscal year 2012 period includes an extra week, creating a 53-week fiscal year that occurs every six years in the accounting cycle for many retailers. For fiscal 2012, the fourth quarter and fiscal year periods ended February 2, 2013 and included 14 weeks and 53 weeks, respectively. For the prior year, the fourth quarter and fiscal year periods ended January 28, 2012 and included 13 weeks and 52 weeks, respectively.
Total sales numbers in the tables below are in millions and represent owned department sales, leased department commissions, shipping and handling revenue, and sales return adjustments for Saks Fifth Avenue stores, OFF 5TH stores, and Saks Direct.For the 14 weeks and 53 weeks ended February 2, 2013 compared to the 13 and 52 weeks ended January 28, 2012, respectively, total sales increased 5.6% for the fourth quarter and 4.4% for the full year.
|This Year||Last Year||Increase|
|Fourth quarter (14 weeks TY/13 weeks LY)||$||976.6||$||925.1||5.6||%|
|Fiscal year (53 weeks TY/52 weeks LY)||$||3,147.6||$||3,013.6||4.4||%|
|This Year||Last Year||Increase||Increase|
|Fourth quarter (13 weeks)||$||934.6||$||925.1||1.0||%||0.7||%|
|Fiscal year (52 weeks)||$||3,105.6||$||3,013.6||3.1||%||3.2||%|
- $3.2 million of asset impairment charges,
- $1.0 million of store closing expenses,
- a $1.7 million non-cash pension settlement charge related to the payment of excess lump-sum distributions, and
- a $2.1 million loss on debt extinguishment related to the early retirement and conversion to equity of approximately $28.8 million (par value) of the Company’s 7.5% convertible debt.
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