WASHINGTON (dpa-AFX) - Retailer Saks Inc. (SKS) said its first-quarter net income grew to $32.1 million, or $0.18 per share from $28.4 million, or $0.16 per share last year.
The company said the recent quarter's results included after-tax items totaling $0.6 million composed of $0.4 million of pre-opening costs associated with the company's new fulfillment center opening in Tennessee in August 2012 and $0.2 million of final expenses related to the Saks Fifth Avenue Pittsburgh store closing. Excluding items, the company would have generated net income of $32.7 million, or $0.19 per share, for the first quarter of 2012.
The prior-year quarter's net profit results included after-tax items of $2.1 million composed of $1.8 million of store closing expenses and a $0.3 million loss on debt extinguishment. Excluding these items, the company would have recorded net income of $30.5 million, or $0.17 per share a year before.
On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.18 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales improved to $753.61 million from $726.0 million in the comparable period in 2011, whereas 9 analysts estimated revenues of $764.35 million for the quarter.
The company expects comparable-store sales growth in the mid-single digit range for both the second quarter and the second half of the fiscal year.
Copyright RTT News/dpa-AFX
© 2012 AFX News
