Sales at Saks rise 4.3% in Q3

At the end of the third fiscal quarter closing on October 30, 2010, Saks noted a 4.3 percent rise in sales to $658.8 million. Its comparable store sales reflected a rise meeting expectations despite a strategy to adopt mild attention towards promotional activity. Same-store sales were up by 5.7 percent.

The retailer noted a good performance is sales of its fashion jewellery, shoes, women's apparel, dresses, and men's sportswear categories of merchandise. The said period generated a net income of $36.3 million from $6.3 million in the said quarter last year.

There was a $26.7 million gain in income related to the reversal of certain estimated income tax reserves deemed no longer necessary, excluding which, profit would have stood at $9.7 million.