By
Reuters
Reuters
Published
Dec 7, 2009
Dec 7, 2009
Saks revises third quarter profit up on tax reserve change
By
Reuters
Reuters
Published
Dec 7, 2009
Dec 7, 2009
NEW YORK, Dec 4 (Reuters) - U.S. luxury department store operator Saks Inc (SKS.N) restated its earnings from the most recent quarter upward after reclassifying the reversal of a $4.4 million tax reserve that had been set up for a potential tax liability.
Saks Fifth Avenue |
As a result, Saks reported net income of $6.3 million, or 4 cents per share, for its fiscal third quarter, ended Oct. 31,instead of a profit of $1.9 million, or 1 cent per share.
For the nine months ended Oct. 31, Saks restated its loss as $53.3 million, or 37 cents per share, rather than the previously reported $57.7 million loss, or 40 cents per share.
Saks shares rose 23 cents, or 3.9 percent, to $6.13 on the New York Stock Exchange. (Reporting by Phil Wahba; Editing by Steve Orlofsky)
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