Saks Incorporated (NYSE:SKS) Reports Increase in SSS for February above Consensus

Saks Incorporated (NYSE:SKS) reported today an increase of 15.3% in comparable store sales, above the street consensus of 5.1%. The Company announced 15.3% increase in comparable store sales for the month of February, 10.2% better than analysts' prediction of 5.1% increase. Owned sales for the month of the February climbed 14.2% to $196.2 million from $171.7 million in the same period last year. This result shows strong performance by Saks Fifth Avenue stores including women’s and men’s apparel, shoes, handbags, fashion jewelry, cosmetics and fragrances. The Company noted that Saks Direct performed well during the month. Last month, the company reported fourth fiscal quarter adjusted EPS of $0.13, excluding a net $0.01 per share benefit from store closing activities and a non-cash pension charge, above the consensus of $0.08. It returned to a profit in this quarter as it sold more items at full price and used fewer promotions. Net sales for the quarter increased 6.8% on an 8.4% comp versus decline of 4.8% last year, provided with Jan sales. The Company gained 57 cents or 4.86% to $12.30 after announcing comparable store sale for the month of February. Volume of 1.13 million shares has been traded, below the daily average of 2.72 million shares. The market capitalization of the stock stands at $1.98 billion with P/E of 54.07 and beta of 2.63. The stock has 52 week range of $6.60-$12.97. Saks Incorporated is a fashion retail organization offering a range of distinctive luxury fashion apparel, shoes, accessories, jewelry, cosmetics, and gifts. The Company's operations consist of Saks Fifth Avenue (SFA), Saks Fifth Avenue OFF 5TH (OFF 5th) and SFA's e-commerce operations. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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