Birmingham, AL, May 16, 2006--Saks Inc. reported net income in the first quarter that rose to $81.5 million, or $0.60 per share, from $16.2 million, or $0.11 per share, a year ago.
Revenue declined, however, by 33 percent to $1.04 billion, from $1.55 billion last year.
Same-store sales, declined 1.9 percent.
Results include a 54-cent gain on the March sale of the company's Northern Department Store Group and a $0.02 charge related to asset impairments and dispositions. The company has been disposing of its mid-price department store chains to focus on its luxury business. Saks also operates outlet stores under the Off5th banner.
Saks also recorded expenses related to continuing legal matters, staff retention and severance totaling $0.04 cents per share, and a $0.02 gain from the conclusion of a tax examination.
Analysts, on average, predicted a profit of $0.09 on revenue of $923.1 million.
