Retailer Saks announced results for the fourth quarter and fiscal year ended January 29, 2005.
The Company operates two business segments, Saks Department Store Group (“SDSG”) and Saks Fifth Avenue Enterprises (“SFAE”). SDSG consists of the Company’s department stores under the Parisian, Proffitt’s, McRae’s, Younkers, Herberger’s, Carson Pirie Scott, Bergner’s, and Boston Store nameplates and Club Libby Lu specialty stores. SFAE is comprised of Saks Fifth Avenue luxury department stores, Saks Off 5th outlet stores, and saks.com.
Saks Incorporated recorded net income of $94.8 million, or $ .67 per share, for the fourth quarter ended January 29, 2005, compared to net income of $80.6 million, or $.56 per share, last year. The current year fourth quarter included a net gain of $0.3 million (net of taxes), or $.00 per share, related to a $5.5 million tax credit, offset by net charges of $5.2 million primarily related to previously announced store closings. Prior year charges totaled $18.3 million (net of taxes), or ($.13) per share.
For the year ended January 29, 2005, the Company recorded net income of $60.9 million, or $.42 per share, compared to net income of $80.0 million, or $.56 per share, last year. The current year included net charges of $22.8 million (net of taxes), or ($.16) per share, primarily related to store closings (principally at SFAE), partially offset by a tax credit. The prior year included net charges of $6.7 million, or ($.05) per share.
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