Saks Expects to Meet Earnings Estimates
Saks Inc., owner of Saks Fifth Avenue, expects to meet analysts’ earnings estimates this fiscal quarter and year, and said it is surprised that Moody’s Investors Service cut its debt ratings last week.
Analysts’ average profit estimates are 47 cents for the fourth quarter ending Feb. 2, and 13 cents for the year, according to Thomson Financial/First Call. Long-term debt is down this year about 30%, or $500 million, Saks said in a statement.
The Birmingham, Ala.-based company said sales at its Saks and regional department stores have recovered since Sept. 11, when terrorist attacks forced the Saks Fifth Avenue flagship store in Manhattan to close for two days.
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