Saks (SKS) Falls 4% Despite Beating Estimates

Shares of Saks Incorporated SKS closed Tuesday trading down 4.28% at $8.94 per share. Volume of 12.2 million shares shares was 2.6 times the daily average volume of nearly 4.7 million shares. Shares of Saks Incorporated had a trading range of $8.87 to $9.96 per share. Saks Incorporated announced on Tuesday before the market opened that it beat consensus Wall Street estimates. Saks Incorporated reported that a 1st quarter profit of 11 cents per share, on sales of $667.4 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 5 cents per share.