NEW YORK (
swung to a profit in its first quarter, beating estimates by a penny.
During the period, the high-end department store earned $18.8 million, or 11 cents a share, compared with a loss of $5.12 million, or 4 cents, in the year-ago period.
Sales at Saks grew 7% to $667.4 million from the $624.3 million it recored a year earlier.
"While our first-quarter results exceeded our expectations, we still believe the overall environment remains uncertain, and we are approaching the remainder of 2010 with continued caution," CEO Steve Sadove said in a statement. "However, our assumptions for the balance of the year reflect a somewhat stronger forecast than we had at the beginning of the year."
Looking ahead, Saks expects same-store sales for the year to rise by a "mid single-digit percentage."
Reported by Jeanine Poggi in New York.
Follow Jeanine Poggi on
and become a fan of TheStreet on