Saks 4Q Net Income Up
Chicago, Saks Inc. has reported that its net income for the fiscal fourth quarter ended Jan. 29 was $94.8 million, or 67? a share, up from $80.6 million, or 56? a share over last year. Revenue increased 4.9% to $2.07 billion, and comp-store sales rose 4%. Included in the fourth-quarter results was $5.2 million in charges, related mostly to store closings, and a gain of $300,000 related to tax credit. The department store owner said that earnings have been adjusted for the expected financial restatements due to the improper collections of vendor markdown allowances and operating lease accounting errors.
PriceSmart Closes Chapter on Restatement
San Diego, PriceSmart has put an end to litigation related to its restatement of financial reports in late 2003. PriceSmart will pay $2.35 million to settle a shareholder lawsuit in federal court in California. The San Diego-based retailer said that about 80% of the settlement payment will be funded by the company’s insurance carrier. The retailer said the settlement does not constitute an “admission of liability” on the part of the company or its former officers. PriceSmart, a warehouse club operator, previously settled a separate federal court securities lawsuit and a state court shareholder derivative lawsuit. The company said the third settlement brings the litigation to a conclusion.
Ann Taylor Promotes Two Execs
New York City, Ann Taylor Stores Corp. promoted two of its executives to executive VP.
Adrienne Lazarus was named executive VP of Ann Taylor Stores merchandising and design. She was most recently senior VP and general merchandising manager for Ann Taylor Stores.
Donna Noce was promoted to executive VP of Ann Taylor Loft merchandising and design. She most recently served the retailer as senior VP of Ann Taylor Factory Stores.