Retailer Saks Incorporated today announced results for the third quarter and nine months ended October 27, 2012.
For the third quarter ended October 27, 2012, total sales were $713.2 million, a 3.0% increase over total sales of $692.3 million for the prior year third quarter ended October 29, 2011. Comparable store sales increased 3.3% for the quarter.
For the nine months ended October 27, 2012, total sales were $2,170.9 million, a 3.9% increase over total sales of $2,088.5 million for the prior year nine months ended October 29, 2011. Comparable store sales increased 4.3% for the nine months.
For the third quarter ended October 27, 2012, the Company recorded net income of $22.6 million, or $.14 per diluted share. Those results included a reversal of approximately $3.3 million in Federal income tax reserves deemed no longer necessary. Excluding this item, the Company would have recorded net income of $19.3 million, or $.12 per share, for the quarter ended October 27, 2012. For the prior year third quarter ended October 29, 2011, the Company recorded net income of $17.8 million, or $.11 per diluted share.
For the nine months ended October 27, 2012, the Company recorded net income of $42.5 million, or $.28 per diluted share. Those results included after-tax charges totaling $1.5 million composed of $1.8 million of pre-opening costs associated with the Company’s new fulfillment center and $3.0 million of asset impairments and store closing costs, netted against the aforementioned $3.3 million income tax reserve reversal. Excluding these items, the Company would have recorded net income of $44.0 million, or $.29 per share, for the nine months ended October 27, 2012.