Saks income up in Q3

NEW YORK For the third quarter ended Oct. 30, Saks recorded net income of $36.3 million, or 20 cents per diluted share. For last year’s third quarter ended October 31, 2009, the company posted net income of $6.3 million, or 4 cents per share.

Stephen Sadove, chairman and CEO, noted, “I am pleased with our third quarter operating performance. The year-over-year improvement was primarily driven by our continued comparable store sales growth and gross margin expansion.

“Our 5.7% third quarter comparable-store sales increase was consistent with our expectations, and was achieved even as we continued to strategically reduce our promotional activity.”

Saks income up in Q3

NEW YORK For the third quarter ended Oct. 30, Saks recorded net income of $36.3 million, or 20 cents per diluted share. For last year’s third quarter ended October 31, 2009, the company posted net income of $6.3 million, or 4 cents per share.

Stephen Sadove, chairman and CEO, noted, “I am pleased with our third quarter operating performance. The year-over-year improvement was primarily driven by our continued comparable store sales growth and gross margin expansion.

“Our 5.7% third quarter comparable-store sales increase was consistent with our expectations, and was achieved even as we continued to strategically reduce our promotional activity.”

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