Saks Inc. Posts Nice 3rd Quarter Profits

Published by: Dave Simmons on 16th Nov 2010 | View all blogs by Dave Simmons
saks logo.jpg
Saks Inc. Posts Nice 3rd Quarter Profits

Saks Inc. posted third-quarter results on Tuesday, reporting higher-than-expected profits thanks to an increase in spending by higher income Americans.  The company also increased its forecast for yearly profits thanks to high expectations for the holiday shopping season.

The retailer reported an increase in sales of 5.7 percent for the quarter among stores open at least one year, and forecast sales growth in the 5-7 percent range for the fourth quarter.  Shares of Saks Inc. fell one percent in early trading on Tuesday as the broader S&P 500 fell.

The company's CEO, Steve Sadove has often said that Saks' fortunes go along with those of the stock markets, indicating that even affluent shoppers tend to cut back when their financial future is in jeopardy.  The S&P 500 has risen about 22.8 percent since July.

Comments

0 Comments

     
Please login or sign up to post on this network.
Click here to sign up now.

Latest DT's

  • View DT's
    Here's a great bio that Full in Bloom did for the band Possessedhttp://fullinbloommusic.com/biography-possessed.html View DT's
    3 years ago by Geno
  • View DT's
    Rated: PG-13 In Theaters: January 24th Director: Stuart Beattie Starring: Aaron Eckhart, Bill Nighy, Yvonne ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: January 10th Director: Renny Harlin Starring: Kellan Lutz, Gaia Weiss, Scott Adkins View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: December 4th Director: Scott Cooper Starring: Christian Bale, Casey Affleck, Zoe Saldana, Sam ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: December 13th Director: Peter Jackson Starring: Ian McKellen, Martin Freeman, Richard ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: January 3rd Director: Gregory Plotkin Starring: Andrew Jacobs, Jorge Diaz, Gabrielle Walsh View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: TBD In Theaters: February 7th Director: George Clooney Starring: George Clooney, Matt Damon, Bill Murray, Cate ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: January 17th Director: Tim Story Starring: Ice Cube, Kevin Hart, John Leguizamo, Bruce ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: January 17th Directors: Matt Bettinelli-Olpin, Tyler Gillett Starring: Allison Miller, Zach ... View DT's
    3 years ago by dallaseste

Top Authors

Subscribe