Saks reports Q1 profit soars 51%

New York City -- Citing a strong rebound in luxury spending, Saks reported Tuesday that net income for the quarter ended April 30 soared 51% to $28.4 million, compared with $18.8 million in the year-ago period.

Revenue rose 9% to $726 million, and CEO Stephen Sadove said that he is “increasingly optimistic about the future. With the rebound in the financial markets, the luxury sector has rebounded as well.”

The retailer reported that same-store sales surged 10.2% in the quarter.

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