Saks Inc. Posts Nice 3rd Quarter Profits
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.
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.
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