Saks Profits Up On Strong Luxury Spending
May 17, 2011, 3:50 PM
Saks Fifth Avenue says its first-quarter profits rose 3.9% to $28.4 million, compared with $18.8 million in the same period last year, driven by a 10.2% gain in comparable-store sales. Women's and men's apparel, handbags, and shoes were strong sellers in the period. "With the rebound in the financial markets, the luxury sector has rebounded as well," Stephen I. Sadove, Chairman/CEO says in the company's release. "We are increasingly optimistic about the future and are pleased that our customers have responded to our differentiated merchandising, service, and marketing initiatives."