US: Saks Q4 profit surges on strong sales
- Q4 profit increased 48% to $36.9m
- Q4 sales up 6.7% to $925.1m
- Full-year net income grew 56.3% to $74.7m
- FY sales rose 8.1% to $3bn.
Upscale retailer Saks Inc has seen its fourth-quarter net income surge on the back of strong sales of apparel, handbags, jewellery, fragrances and men's accessories.
"I am extremely pleased with our improved operating performance for both the fourth quarter and the fiscal year," said chairman and CEO Stephen Sadove.
"Our comparable store sales rose 7.7% in the fourth quarter, in line with our expectations and on top of an 8.4% comparable store sales increase in last year's fourth quarter. For the full fiscal year, our comparable store sales rose 9.5%, among the best in retail."
Profit in the three months to 28 January jumped 48% to US$36.9m, as sales rose 6.7% to $925.1m. Saks Direct posted 21% comparable-store sales growth.
For the full-year, net income increased 56.3% to $74.7m on the back of an 8.1% sales increase to $3bn. Gross margin expanded to 40.8%.
"We are pleased with our full year gross margin expansion of 70 basis points which reflected a healthier luxury environment, more full-priced selling, and reduced promotional activity," said chairman and CEO Stephen Sadove.
For 2012, the company is forecasting comparable-store sales of 5-7%, with gross margin to be "modestly higher" on the prior year.
The following is a general roundup of US apparel and shoe retailers' July 2012 sales results....
The following is a general roundup of US apparel and shoe retailers' June 2012 sales results. ...
The following is a general roundup of US apparel and shoe retailers' May 2012 sales results. ...
Retail group Saks posted a second quarter net loss of US$12.3m after being impacted by exceptional items, but saw its underlying losses also widen in comparison with last year....
Sycamore Partners has completed the acquisition of troubled women's wear chain The Talbots and appointed a new executive management team. ...
Perry Ellis International subsidiary PEI Licensing has signed a license agreement with The Kersheh Group division Vayola to design, manufacture and distribute Laundry by Shelli Segal branded sleepwear...
Luxury women's fashion brand Alberto Makali has selected NGC's Global Enterprise Suite as an integrated solution for PLM and ERP to help support its global growth....
- Low labour cost countries linked to highest risks
- Why should brands care about China cotton?
- China cotton: implications and opportunities
- COMMENT: Skills or new technology?
- UK reshoring hub hit by sweatshop claims
- South Africa to grow grass for recyclable textiles
- 30% of Adidas cotton from sustainable sources
- Activewear driving US apparel spend
- Benetton to embark on living wage roadmap
- US West Coast port contract reached
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Outdoor performance apparel: peaks, valleys, and green fields
- Global market review of swimwear - forecasts to 2019
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead
- Apparel Retail: Top 5 Emerging Markets Industry Guide