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.”