Fourth-quarter profits at Saks Inc. shot up 83.4 percent to $39.5 million, or 26 cents a share, as sales for the three months ended Feb. 2 inched up 4.7 percent to $999.7 million. Comparable-store sales in the quarter rose 9 percent, with February same-store sales rising 3.4 percent.
“Notwithstanding our improved performance and the longer-term outlook for the luxury channel, we expect to continue to face an increasingly challenging macroeconomic and promotional environment in 2008 and are taking a more conservative approach to planning the business,” said chairman and chief executive officer Stephen Sadove.
At Neiman Marcus, profits for its second quarter, which ended Jan. 26, advanced 8 percent to $44.3 million as sales pushed ahead 6 percent to $1.37 billion. Comps rose 3.7 percent during the quarter. February comps fell 7.3 percent.
For further coverage, see Thursday’s issue of WWD.