Store closings -- planned or unexpected -- were the difference at
during the third quarter.
The retailer Tuesday reported an unexpected loss, as the hurricane season disrupted operations and planned store closings put a drag on earnings.
The Alabama-based company recorded a net loss of $24.8 million, or 18 cents a share, for the quarter ended Oct. 30, compared to net income of $12.4 million, or 9 cents a share, in the year-ago-period.
Saks estimates that hurricane activity in the southeastern U.S. knocked 3 cents a share off of earnings. The quarter also included a charge of 13 cents a share, primarily related to the planned closing of 12 stores in its Saks Fifth Avenue and Saks Off 5th outlet store unit.
Revenue rose 1% to $1.48 billion, while same-store sales edged up 0.3%.
Shares fell 7 cents, or 0.5%, to $13.74 in premarket trading.