Saks (SKS) Swings To $18.8 Million Profit

Luxury retailer Saks Incorporated SKS on Tuesday morning released financial results that beat Wall Street expectations. Saks Incorporated reported that it swung to a 1st quarter profit of $18.8 million, or 11 cents per share, from a loss of $5.12 million, or 4 cents per share, a year earlier. Sales climbed to $667.4 million, up from $624.3 million a year earlier. A poll of analysts conducted by Thomson Reuters, showed an average Wall Street estimate of expected earnings of 5 cents per share. Saks Incorporated said that it expects full-year comparable sales to rise somewhere in the mid- single digit percentages.