Saks experiences upswing in Q4 profit
NEW YORK — Saks returned to profitability in its fiscal fourth quarter as the chain sold more items at full-price and used fewer promotions.
The company reported net income of $25 million for the period ended Jan. 29, compared with a loss of $4.6 million a year earlier.
Revenue rose 7% to $866.3 million, topping Wall Street's estimate of $854.4 million. Same-store sales were up 8.4%, compared with the year-ago period.