USA: Saks Q4 Profit Up 26% On Cost Cuts, Sales Down
Retail giant Saks Inc on Wednesday posted a 26 per cent jump in fourth quarter net income to $68.1 million from $54m despite a 3.7 per cent slide in both total and same-store sales. The Alabama-based company, whose stores include Saks Fifth Avenue, Parisian and Proffitt's, said sales slipped to $1.84 billion from $1.91bn in the year-ago period and added its full-year net income soared to $24.2m from $0.3m in 2001.
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