Byline: DAVID MOIN
Saks Returns to Black
It's too soon to declare a turnaround, but Saks Inc. is back in the black as a result of a tighter grip on its operations and a rebound of the luxury sector.
"Over the course of the year, business continued to strengthen," Stephen I. Sadove, Saks chairman and chief executive officer, told WWD. "The core customer has come back." However, "the aspirational customer still hasn't come back to the same degree."
On Wednesday, Saks reported net earnings of $25 million, or 14 cents a share, for the fourth quarter ended Jan. 29, compared to a loss of $4.6 million, or 3 cents, in the year-ago period.