NEW YORK — Saks Inc. fourth-quarter net income climbed 48% amid strong sales of handbags, fine jewelry and men's and women's apparel. The earnings topped expectations.
For the period ended Jan. 28, Saks earned $37 million, compared with $25 million last year. Quarterly revenue rose 7% to $925.1 million from $866.3 million, beating Wall Street's $918.9 million estimate.
Same-store sales were up 7.7%.
Saks Direct has an increase of about 21%. Saks said revenue at Off 5th stores open at least a year was weaker than expected.