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TheStreet Open House

Saks Incorporated Announces Results For The Second Quarter And Six Months Ended August 3, 2013

Stocks in this article: SKS

For the prior year second quarter ended July 28, 2012, the Company recorded a net loss of $12.3 million, or $.08 per diluted share. The results included after-tax charges totaling $4.3 million comprising $1.5 million of pre-opening costs associated with the Company’s new Tennessee fulfillment center and $2.8 million of asset impairments and store closing costs. Excluding these items, the Company would have recorded a net loss of $8.0 million, or $.05 per share, for the second quarter ended July 28, 2012.

For the six months ended August 3, 2013, the Company recorded net income of $0.4 million, or $.00 per diluted share. The results included after-tax charges totaling $15.3 million comprising $3.4 million of store closing costs, a $7.8 million non-cash loss on extinguishment of debt related to the Company’s redemption of its $230 million 2% Convertible Senior Notes, a non-cash $1.6 million pension settlement charge, and $2.5 million of expenses related to the pending merger with HBC. Excluding these items, the Company would have recorded net income of $15.7 million, or $.11 per share, for the six months ended August 3, 2013.

For the prior year six months ended July 28, 2012, the Company recorded net income of $19.8 million, or $.13 per diluted share. The results included after-tax charges totaling $4.8 million comprising $1.8 million of pre-opening costs associated with the Company’s new Tennessee fulfillment center and $3.0 million of asset impairments and store closing costs. Excluding these items, the Company would have recorded net income of $24.6 million, or $.16 per share, for the six months ended July 28, 2012.

Comments on the Second Quarter and Six Months Ended August 3, 2013

Stephen I. Sadove, Chairman and Chief Executive Officer of the Company, noted, “While the second quarter was our fourteenth consecutive quarter of posting a comparable store sales increase, our sales growth was modestly below our expectations. This shortfall contributed to our second quarter year-over-year gross margin rate decline and SG&A expense deleverage.”

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