Saks 4th-Quarter Profit Falls 2.4%
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Saks Inc.’s fiscal fourth-quarter profit fell 2.4% as the operator of Saks Fifth Avenue and other department stores sold less clothing.
Net income in the quarter ended Feb. 2 fell to $54 million, or 37 cents a share. Sales fell 10% to $1.91 billion.
Profit excluding certain items was $72.2 million, or 50 cents a share, in line with the company’s February forecast.
The shares of Birmingham, Ala.-based Saks fell to $12.25 in after-hours trading, after rising 27 cents to $12.30 during the regular session on the NYSE.
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