Saks(SKS Quote) swung to a fourth-quarter loss that reflected charges and missed estimates before items. Its stock rose, however, after the department-store chain said it plans to pay a special dividend of $4 related to its recent transaction with Bon-Ton Stores(BONT Quote).
Saks lost $2.2 million, or 2 cents a share, in the quarter, compared with earnings of $96.6 million, or 68 cents a share, a year ago. Among other special items, the latest quarter included a writedown related to goodwill and other assets of $56.3 million, or 42 cents a share. Pre-item earnings of 45 cents a share were 13 cents short of estimates.
Fourth-quarter sales fell 14.2% from a year ago to $1.77 billion, reflecting divested assets. Analysts expected $1.78 billion in the period. Same-store sales rose 1.3% in the quarter. ...
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