(Removes reference to extra week in lede.)
Feb 26 Saks Inc reported a lower
fourth-quarter profit on Tuesday, with sales during the holiday
season hit by Hurricane Sandy.
Saks reported a profit of $20.4 million, or 13 cents per
share, for the quarter ended Feb. 2, versus a year-earlier
profit of $40 million, or 21 cents per share.
Excluding store closing expenses, asset impairment charges
and other items, Saks had a profit of 17 cents per share. Wall
Street analysts were expecting 15 cents, according to Thomson
Saks, which operates 45 department stores and 63 discount
outlet Saks Off Fifth stores, said sales at stores open at least
a year rose 0.7 percent. Analysts were expecting a 0.3 percent
decline. Total sales rose 5.6 percent to $976.6 million in the
quarter, which had one more week than in the prior year.
Saks forecast same-store sales would rise 3 percent to 5
percent this fiscal year.
(Reporting By Phil Wahba; Editing by Gerald E. McCormick)