(Filed Under Financial and General Interest News). Luxury retailer Saks Incorporated cited an unexpected profit improvement for the third quarter ended October 31, 2009, compared to the profit loss during last year’s third quarter. This year, the company posted a profit of $1.9 million, or 1 cent per share, compared to a loss of $43.7 million, or 32 cents per share, during the same period in 2008.
This modest profit was in spite of a 10.1 percent comparable store sales decline. For the nine months ended October 31, 2009, comparable store sales plunged 18.5 percent. However, despite Saks Fifth Avenue stores continued weakness, the company reported improvement in certain merchandise categories, including select apparel categories, toward the end of the quarter.
Stephen I. Sadove, chairman and chief executive officer of the company, commented: “We were able to post a modest third quarter profit due to our improved gross margin performance and diligent expense control, in spite of our comparable store sales decline.”
At the end of the third quarter, Saks Incorporated operated 53 Saks Fifth Avenue stores and 55 OFF 5TH stores.
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