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Handbag, jewelry sales send Saks income soaring

BY CSA STAFF

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.

Full-year net income jumped 57% to $74.8 million. Annual revenue climbed 8% to $3.01 billion. Same-store sales increased 9.5%.

Stephen Sadove, chairman and CEO, commented in a statement: “Our vision for the future is to be an omni-channel retailer that uses customer centricity as a guide to decision making. To ensure we achieve this vision, we will be expanding our strategic efforts and more aggressively investing in our business, especially in technology and other systems enhancements.”

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FINANCE

Saks Q4 income surges 48%

BY Marianne Wilson

New York City — 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.

Full-year net income jumped 57% to $74.8 million. Annual revenue climbed 8% to $3.01 billion. Same-store sales increased 9.5%.

Stephen I. Sadove, chairman and CEO, commented in a statement: “Our vision for the future is to be an omni-channel retailer that uses customer centricity as a guide to decision making. To ensure we achieve this vision, we will be expanding our strategic efforts and more aggressively investing in our business, especially in technology and other systems enhancements.”

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Wal-Mart takes controlling stake in Chinese online retailer

BY Staff Writer

Bentonville, Ark. — Wal-Mart Stores’ investment in China continues to grow as the company now has a controlling stake in one of the country’s fast-growing e-commerce websites. The company announced that it has reached an agreement to increase its investment in the holding company of Yihaodian, bringing its total ownership stake to approximately 51%. Yihaodian is a leader in online grocery sales, as well as in such categories as consumer electronics and apparel.

Closing of the transaction is subject to Chinese government regulatory approval.

“This investment further enables Walmart to deliver a superb customer experience to Chinese consumers that are already connected to the world through smartphones and social media,” said Neil Ashe, president and CEO of Walmart Global e-commerce.

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