Retailer Saks Incorporated announced results for the third quarter and nine months ended October 27,2012.
Sales for the Third Quarter and Nine Months Ended October 27,2012
For the third quarter ended October 27,2012,total sales were$713.2 million,a 3.0%increase over total sales of$692.3 million for the prior year third quarter ended October 29,2011.Comparable store sales increased 3.3%for the quarter.
For the nine months ended October 27,2012,total sales were$2,170.9 million,a 3.9%increase over total sales of$2,088.5 million for the prior year nine months ended October 29,2011.Comparable store sales increased 4.3%for the nine months.
Overview of Results for the Third Quarter and Nine Months Ended October 27,2012
For the third quarter ended October 27,2012,the Company recorded net income of$22.6 million,or$.14 per diluted share.Those results included a reversal of approximately$3.3 million in Federal income tax reserves deemed no longer necessary.
Excluding this item,the Company would have recorded net income of$19.3 million,or$.12 per share,for the quarter ended October 27,2012.For the prior year third quarter ended October 29,2011,the Company recorded net income of$17.8 million,or$.11 per diluted share.
For the nine months ended October 27,2012,the Company recorded net income of$42.5 million,or$.28 per diluted share.Those results included after-tax charges totaling$1.5 million composed of$1.8 million of pre-opening costs associated with the Company's new fulfillment center and$3.0 million of asset impairments and store closing costs,netted against the aforementioned$3.3 million income tax reserve reversal.
Excluding these items,the Company would have recorded net income of$44.0 million,or$.29 per share,for the nine months ended October 27,2012.
For the prior year nine months ended October 29,2011,the Company recorded net income of$37.8 million,or$.24 per diluted share.Those results included after-tax charges totaling$2.9 million comprised of a pension and related benefit charge,a third-party receivable write-down,and an asset impairment charge totaling$1.8 million;$1.8 million of store closing expenses;a$0.3 million loss on debt extinguishment(related to the early retirement of approximately$1.9 million of senior notes);and a reversal of approximately$1.0 million in state income tax reserves deemed no longer necessary.Excluding these after-tax charges,the Company would have recorded net income of$40.7 million,or$.25 per share,for the nine months ended October 29,2011.
