RETAIL EARNINGS / SAKS
- Share via
Luxury retailer Saks Inc. reported a loss for the first quarter as it struggles with the pullback in spending by its wealthy customers.
Still, the results beat analyst expectations as the chain benefited from cost cuts -- sending the company’s shares up nearly 18%.
Saks shares rose 73 cents, or 17.9%, to $4.81.
Saks said it lost $5.1 million, or 4 cents a share, in the three months that ended May 2. That compares with a profit of $17.3 million, or 12 cents a share, a year earlier. Revenue fell 27% to $621.3 million.
Analysts were expecting a loss of 26 cents a share on revenue of nearly $620 million.
The New York company said Saks Fifth Avenue saw weakness across all merchandise categories, geographies and channels of distribution during the quarter.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
