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.
Editor's Note: 5 Signs Stock Market Will Collapse in 2013
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.
© 2013 Thomson/Reuters. All rights reserved.