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Saks Holdings Inc

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BUSINESS
July 8, 1997 | Times Wire Services
Saks Holdings Inc. said it revoked its $290-million bid for Barney's Inc. because it no longer thinks the New York retailer is worth that much. But it said it may be interested in acquiring the retailer under different circumstances. The move came ahead of Monday's deadline for bids to acquire Barney's, which is in bankruptcy proceedings. Saks' offer topped a rival bid by Dickson Concepts International by $50 million. Saks cited Barney's decision to close four of its 13 stores and take a $51.
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BUSINESS
May 20, 2009 | Times Wire Reports
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.
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BUSINESS
April 2, 1997 | (Bloomberg News)
Saks Holdings Inc. and Isetan Co. have revived talks on a joint bid for upscale department store chain Barney's Inc., according to two people familiar with the retailers' plans. Saks and Isetan will take at least several weeks to decide on a bid for New York-based Barney's, which has been in Chapter 11 bankruptcy proceedings since January 1996, the sources said. Barney's, Saks and Isetan declined to comment. Isetan and New York-based Saks began working on a joint offer for Barney's last summer.
BUSINESS
November 19, 2008 | TIMES WIRE SERVICES
Saks Inc. reported a wider-than-expected loss for the third quarter as the company resorted to deep discounts in an attempt to pull in affluent customers spooked by massive job losses on Wall Street and shrinking stock portfolios. The New York-based operator of Saks Fifth Avenue issued a dour outlook for the holiday season, predicting deteriorating profit margins in the fourth quarter as it sees the need to keep discounting to clear out piles of designer merchandise. It also plans to cut spring inventory by 15% and reduce its capital expenditures for next year by 40%. Saks reported a loss of $42.8 million, or 31 cents a share, for the quarter that ended Nov. 1. That compares with a profit of $21.6 million, or 14 cents, a year earlier.
BUSINESS
November 7, 2001 | Bloomberg News
An affiliate of Carlos Slim Helu, the wealthiest investor in Mexico, last month purchased 578,000 shares in Saks Inc., whose price has fallen as much as 52% since Sept. 11. Orient Star Holdings, a limited liability company controlled by the billionaire Slim and his family, bought the stock from Oct. 2 to Oct. 31 for $5.22 to $6.81, according to a filing with the Securities and Exchange Commission. Orient Star is the second-largest Saks shareholder. Shares of Birmingham, Ala.
BUSINESS
July 6, 2005 | From Bloomberg News
Saks Inc., the luxury retailer under a federal probe over payments from vendors, persuaded bondholders to postpone a default by buying back $533 million in bonds and making special payments. Holders of the majority of the company's notes accepted payments to give the company until Oct. 31 to file its annual report, Birmingham, Ala.-based Saks said.
BUSINESS
November 16, 2005 | From Times Wire Services
Major merchants reported third-quarter earnings Tuesday, led by J.C. Penney, which boosted its fourth-quarter earning forecast, saying it was well positioned for the holiday season. Saks Inc., which eked out a modest third-quarter profit, projected solid sales for its namesake luxury chain in the fourth quarter. Off-price retailer TJX Cos., parent of T.J. Maxx and Marshalls stores, reported a 15% profit drop for the third quarter and offered a modest fourth-quarter sales forecast.
BUSINESS
September 2, 2005 | From Bloomberg News
Saks Inc., the luxury retailer under a federal accounting probe, said the improper collection of vendor payments cut the company's earnings for four fiscal years starting in 2001. Saks restated earnings in its annual report filed with the Securities and Exchange Commission. The report was filed almost five months late to reflect the $34.2 million Saks collected from vendors. Federal officials are investigating, and Saks has asked three executives to resign.
BUSINESS
November 18, 1998 | From Times Wire Services
Home Depot Inc., Dayton Hudson Corp. and other retailers reported strong profit gains for the third quarter as the economy boosted sales of everything from paint and other household goods to casual clothes. Home Depot, the biggest U.S. retailer of home improvement supplies, said its net income increased 31% to $392 million, or 20 cents a share, a penny higher than expected. Revenue surged 24% to $7.7 billion as strong housing sales fueled demand for its home and building supplies.
BUSINESS
January 10, 2006 | From Associated Press
Saks Inc. said it was considering selling its Parisian department store chain and announced the replacement of longtime Chief Executive R. Brad Martin with Chief Operating Officer Stephen I. Sadove. Martin, who has been Saks' CEO for the last 16 years, plans to end his executive and management roles at the end of fiscal 2006, but will remain chairman. Saks shares rose 85 cents to $18.71.
BUSINESS
October 30, 2007 | From Times Wire Services
Icelandic investor Baugur Group said it might make a joint bid for luxury department store Saks Inc. with Dubai-owned Landmark Group. Shares of Saks rose 10% in after-hours trade to $21.75.
BUSINESS
May 22, 2007 | Times wire services
Department store retailer Saks Inc. said fiscal first-quarter profit fell 86% from the year-ago period, which included gains on the sale of its Saks Department Store Group businesses. The company operates Saks Fifth Avenue, which comprises 54 Saks Fifth Avenue stores, 49 Saks Off 5th stores and saks.com as well as Club Libby Lu stores. Net income in the quarter ended May 5 fell to $11 million, or 7 cents a share, from $77.
BUSINESS
January 10, 2006 | From Associated Press
Saks Inc. said it was considering selling its Parisian department store chain and announced the replacement of longtime Chief Executive R. Brad Martin with Chief Operating Officer Stephen I. Sadove. Martin, who has been Saks' CEO for the last 16 years, plans to end his executive and management roles at the end of fiscal 2006, but will remain chairman. Saks shares rose 85 cents to $18.71.
BUSINESS
November 16, 2005 | From Times Wire Services
Major merchants reported third-quarter earnings Tuesday, led by J.C. Penney, which boosted its fourth-quarter earning forecast, saying it was well positioned for the holiday season. Saks Inc., which eked out a modest third-quarter profit, projected solid sales for its namesake luxury chain in the fourth quarter. Off-price retailer TJX Cos., parent of T.J. Maxx and Marshalls stores, reported a 15% profit drop for the third quarter and offered a modest fourth-quarter sales forecast.
BUSINESS
October 4, 2005 | From Bloomberg News
Saks Inc., the luxury retailer under a federal accounting probe, said its fiscal first-quarter profit fell 20% because of the costs of a lawsuit. Net income dropped to $16.2 million, or 11 cents a share, in the quarter ended April 30 from a restated $20.2 million, or 14 cents, a year earlier, Birmingham, Ala.-based Saks said. Sales rose less than 1% to $1.55 billion. Saks on May 17 reported preliminary first-quarter profit of $17.1 million.
BUSINESS
September 2, 2005 | From Bloomberg News
Saks Inc., the luxury retailer under a federal accounting probe, said the improper collection of vendor payments cut the company's earnings for four fiscal years starting in 2001. Saks restated earnings in its annual report filed with the Securities and Exchange Commission. The report was filed almost five months late to reflect the $34.2 million Saks collected from vendors. Federal officials are investigating, and Saks has asked three executives to resign.
BUSINESS
August 20, 2003 | From Bloomberg News
Saks Inc., owner of Saks Fifth Avenue and regional department stores, said its fiscal second-quarter loss widened to $25.8 million as the company offered discounts to fight low-price competitors, squeezing profit margins. The net loss widened to 18 cents a share from $20.4 million, or 14 cents a share, a year earlier. Sales in the period ended Aug. 2 were little changed at $1.24 billion, the Birmingham, Ala.-based retailer said. Shares of Saks fell 12 cents to $12.13 on the NYSE.
BUSINESS
November 19, 2003 | From Bloomberg News
Saks Inc., owner of the Saks Fifth Avenue chain, said third-quarter profit surged more than sixfold to $12.4 million as demand for handbags and evening gowns led to the company's first sales gain in almost three years. Net income, boosted by a tax credit, rose to 9 cents a share from $1.92 million, or 1 cent, a year earlier. Sales in the quarter ended Nov. 1 increased 4.3% to $1.47 billion. Sales at stores open at least a year rose 3.1%, Birmingham, Ala.-based Saks said.
BUSINESS
July 6, 2005 | From Bloomberg News
Saks Inc., the luxury retailer under a federal probe over payments from vendors, persuaded bondholders to postpone a default by buying back $533 million in bonds and making special payments. Holders of the majority of the company's notes accepted payments to give the company until Oct. 31 to file its annual report, Birmingham, Ala.-based Saks said.
BUSINESS
June 16, 2005 | From Associated Press
Department store operator Saks Inc. said its failure to file its annual report on time put it in default on some convertible notes. Saks said it received a notice of default Tuesday from a hedge fund that owns more than one-quarter of the $230-million, 2% convertible senior notes due March 15, 2024. The notice said Saks breached covenants in the loan agreement that required it to file its annual report with the Securities and Exchange Commission and other reports.
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