Saks profit climbs in Q1, revenues miss
New York -- Saks Inc. reported Tuesday that net income for the quarter ended April 28 rose 13.2% to $32.1 million, from $28.4 million last year.
Revenue for the period climbed 3.8% to $753.6 million, missing Wall Street’s expected $762.6 million. Same-store sales rose 4.8%.
“Year-over-year first quarter sales growth was solid but not as robust as in prior quarters,” said Stephen Sadove, CEO. “While we continue to see overall growth in the business, certain areas experienced a deceleration in sales. Women’s designer apparel was one category that didn’t meet company expectations.”
He told investors that the department store retailer will continue to aggressively invest in its Project Evolution initiative, which calls for enhancements in technology and other systems.