Saks Profit Surges on Gain
New York City Saks Inc. reported Wednesday that its fourth-quarter profit almost doubled, helped by solid sales, cost controls and one-time gains.
The chain said earnings rose to $39.5 million during the three-month period ended Feb. 2, compared with $21.5 million in the prior-year period.
The results reflected a net gain of $10.4 million after taxes in the latest quarter. Items included a gain of $8.1 million associated with proceeds from an insurance settlement related to the New Orleans stores, which was destroyed in the aftermath of Hurricane Katrina.
Sales rose almost 5% to $999.7 million in the fourth quarter from $955 million in the year-ago period.
The company also said that same-store sales rose 3.4% in February. For the year, Saks earned $47.5 million, compared with $53.7 million a year earlier. Sales rose to $3.28 billion, up almost 12% from $2.94 billion in the previous year.
Verde joins TDIndustries board
DALLAS TDIndustries, a specialty construction company, has announced the appointment of Dora Ann Verde to its board of directors. Verde, a CPA and partner in the public accounting firm of Garza/Gonzalez & Associates in San Antonio, will serve as chairperson for TDIndustries’ audit committee.
According to Jack Lowe, Jr., board chair of TDIndustries, “We are fortunate to name Dora Ann Verde to our board and are very impressed with her exceptional qualifications.”
Brash Entertainment names legal affairs vp
Video game company, Brash Entertainment, announced that Melissa Miller has been appointed vp of legal affairs. Miller joined Brash from Fox Filmed Entertainment, where she handled legal affairs for domestic and global licensing and merchandising initiatives.
Prior to joining Fox, Miller practiced at Alschur Grossman Stein & Kahan, where she litigated on disputes involving partnership agreements, trade secrets and intellectual property.
“Melissa Miller has specialized in understanding complex partnerships and licensing agreements, making her an ideal fit for our business,” said Mitch Davis. “She navigates the Hollywood studio system with ease and is equally comfortable working closely with the game development community.”