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Saks loss widens in Q2

BY Katherine Boccaccio

New York — Saks Inc. reported Tuesday a loss of $12.3 million for the second quarter, widened from a loss of $8.4 million in the year-ago period.

Revenue climbed 5.1% to $704.1 million, widely missing the $762.6 million projected by Wall Street. Same-store sales increased 4.7% in the quarter.

Saks CEO Stephen Sadove reminded investors that revenue has risen for the last four quarters, increasing 3.8% in the first quarter, 6.8% in the fourth quarter of the last fiscal year and climbing 5.1% in the third quarter of the last fiscal year. As well, Saks’ loss in the latest quarter follows profits in the previous three quarters.

The company also announced Tuesday it no longer will be reporting monthly sales.

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TJX Cos. profit surges 21% in Q2

BY Katherine Boccaccio

Framingham, Mass. — TJX Cos. reported Tuesday that net income for the quarter ended July 28 soared 20.9% to $421.1 million, up from $348.3 million and marking the discounter’s third consecutive quarter of rising profits.

Revenues beat projections by climbing 8.7% to $5.95 billion.

The owner of the Marshalls and T.J. Maxx chains raised its full-year profit forecast.

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Home Depot profit rises in Q2

BY Katherine Boccaccio

Atlanta — The Home Depot reported Tuesday that profit for the second quarter rose to $1.5 billion from $1.4 billion in the same quarter last year.

Sales edged up 1.7% to $20.6 billion, and same-store sales climbed 2.1% overall and 2.6% in the U.S.

"As expected, second-quarter sales reflected the pull forward of seasonal activity into the first quarter," said Frank Blake, Home Depot chairman and CEO. "But we saw continued demand for core products and delivered second-quarter earnings above our expectations."

The company confirmed its fiscal 2012 guidance.

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