Tags: Saks | sandy | storm | sales

Saks: Superstorm Sandy to Limit Holiday Sales Gains

Tuesday, 13 Nov 2012 08:26 AM

 

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Saks Inc. said on Tuesday it expects sales at stores open at least a year to be flat during the current holiday quarter because of a slow start to November due to Superstorm Sandy.

Saks said Sandy affected stores that account for more than half of its sales.

The department store operator reported net income of $22.6 million, or 14 cents per share, for the fiscal third quarter ended Oct. 27, up from $17.8 million, or 11 cents per share, a year earlier.

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Sales rose 3 percent to $713.2 million, below the $726.1 million analysts were expecting, according to Thomson Reuters I/B/E/S. Sales at stores open at least year rose 3.3 percent, below the company's own forecasts.

© 2014 Thomson/Reuters. All rights reserved.

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