USA: Sales Of Stores Hits Saks' Income
The sale of some stores to the May Department Stores Company has hit Saks who have reported a 54 per cent fall in net income for the fourth quarter. For the period ended February 3, Saks, Birmingham, Ala., said net income was $55.3m, compared with $120.5m in the year-earlier period. Saks' year-end inventories came to $1.52bn, a 2.3 per cent increase over the year before due to investment in new stores and the launch of saks.com.
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