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Articles 

Saks Inc. Reports Operating Results (10-Q)

November 28, 2012 | About:

Saks Inc. (NYSE:SKS) filed Quarterly Report for the period ended 2012-10-27.

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Highlight of Business Operations:

For the three months ended October 27, 2012, total net sales increased 3.0% to $713.2 million from $692.3 million for the three months ended October 29, 2011. Comparable store sales increased $22.2 million, or 3.3%, from $669.9 million for the three months ended October 29, 2011 to $692.1 million for the three months ended October 27, 2012.

For the three months ended October 27, 2012, interest expense was $9.3 million, or 1.3% of net sales, compared to $11.9 million, or 1.7% of net sales, for the three months ended October 29, 2011. The decrease of $2.6 million was primarily due to the extinguishment of $141.6 million of the 9.875% senior notes that matured in October 2011. Non-cash interest expense associated with the amortization of the debt discount on our convertible notes was $3.6 million and $3.3 million for the three months ended October 27, 2012 and October 29, 2011, respectively.

For the nine months ended October 27, 2012, total net sales increased 3.9% to $2,170.9 million from $2,088.5 million for the nine months ended October 29, 2011. Comparable store sales increased $85.8 million, or 4.3%, from $2,014.4 million for the nine months ended October 29, 2011 to $2,100.2 million for the nine months ended October 27, 2012.

For the nine months ended October 27, 2012, other operating expenses were $237.2 million, or 10.9% of net sales, compared to $228.7 million, or 11.0% of net sales, for the nine months ended October 29, 2011. The increase in operating expenses of $8.5 million was principally driven by increases in property and equipment rentals of $4.0 million, as well as increases in store pre-opening costs of $3.4 million primarily related to our new fulfillment center in Tennessee which opened in July 2012.

For the nine months ended October 27, 2012, interest expense was $28.3 million, or 1.3% of net sales, compared to $38.5 million, or 1.8% of net sales, for the nine months ended October 29, 2011. The decrease of $10.2 million was primarily due to the extinguishment of $141.6 million of the 9.875% senior notes that matured in October 2011. Non-cash interest expense associated with the amortization of the debt discount on our convertible notes was $10.5 million and $9.6 million for the nine months ended October 27, 2012 and October 29, 2011, respectively.

Read the The complete Report

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