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Saks Incorporated Announces Results For The Fourth Quarter And Fiscal Year Ended February 2, 2013

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.

            Total

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 %
 

Comparable store sales numbers below do not include the additional week and are based on comparisons of the 13 weeks and 52 weeks ended January 26, 2013 to the prior year comparable periods. For the 13 weeks ended January 26, 2013 compared to the 13 weeks ended January 28, 2012, fourth quarter total sales increased 1.0%, and comparable store sales increased 0.7%. For the 52 weeks ended January 26, 2013 compared to the 52 weeks ended January 28, 2012, total sales increased 3.1%, and comparable store sales increased 3.2%.

            Total     Comparable

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 %
 

Overview of Results for the Fourth Quarter Ended February 2, 2013

For the fourth quarter ended February 2, 2013, the Company recorded net income of $20.4 million, or $.13 per diluted share. Those results included net after-tax charges of $8.0 million, or $.04 per share, comprised of:

  • $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.

Excluding these items, the Company would have recorded net income of $28.4 million, or $.17 per diluted share, for the fourth quarter ended February 2, 2013.

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