Saks Incorporated (NYSE:SKS) reported net income above Wall Street’s expectations for the first quarter. Saks Incorporated is a fashion retail organization offering assortment of luxury fashion apparel, shoes, accessories, jewelry, cosmetics and gifts.
Saks Incorporated Earnings Cheat Sheet for the First Quarter
Results: Net income for Saks Incorporated rose to $28.4 million (16 cents/share) vs. $18.8 million (11 cents/share) in the same quarter a year earlier. A rise of 51.2% from the year earlier quarter.
Revenue: Rose 8.8% to $726 million YoY.
Actual vs. Wall St. Expectations: SKS reported adjusted net income of of 17 cents/share. By that measure, the company beat the mean estimate of 16 cents/share. Estimates ranged from 14 cents per share to 18 cents per share.
Quoting Management: Stephen I. Sadove, Chairman and Chief Executive Officer of the Company, noted, “I am very pleased with our first quarter results. Our improved year-over-year performance was driven by a 10.2% comparable store sales increase and continued gross margin rate improvement.”
Key Stats: Last quarter marked the fifth consecutive quarter of gross margins expanding as the company’s gross margin expanded one percentage point to 44.1% from the year earlier quarter. Over that span, margins have grown on average 5.4 percentage points per quarter on a year-over-year basis.
Revenue has risen the past four quarters. Revenue increased 6.8% to $866.3 million in fourth quarter of the last fiscal year. The figure rose 4.3% in third quarter of the last fiscal year from the year earlier and climbed 5.6% in second quarter of the last fiscal year from the year-ago quarter.
Competitors to Watch: Macy’s, Inc. (NYSE:M), J.C. Penney Company, Inc. (NYSE:JCP), Dillard’s, Inc. (NYSE:DDS), Nordstrom, Inc. (NYSE:JWN), Kohl’s Corporation (NYSE:KSS), Sears Holdings Corporation (NASDAQ:SHLD), Coach (NYSE:COH), Vera Bradley (NASDAQ:VRA), Fossil Inc (NASDAQ:FOSL), Liz Claiborne (NYSE:LIZ), Guess? (NYSE:GES), Polo Ralph Lauren (NYSE:RL), The Estee Lauder Companies (NYSE:EL), Avon Products (NYSE:AVP) and Steven Madden (NASDAQ:SHOO).
Stock Performance: Shares of SKS are up over 1% today: