Saks reiterates sale talk
Staff Staff -- Home Textiles Today, May 17, 2005
BIRMINGHAM , Ala. — Saks Inc. is exploring strategic alternatives for its Carson Pirie Scott & Co. and Club Libby Lu segments of its department store group, suggesting the potential sale of each, the company said during its first quarter earnings call today.
Related to the recent pending sale of Saks Inc.’s $700 million revenue Proffitt's/McRae's business to Belk Inc. for $622 million, the company said the transaction should be completed in the second quarter, likely early July.
The company reported a first quarter profit of $17.1 million, and sales of $1.6 billion. But the company declined to state year-ago results for comparative purposes, saying financial results from 1999 through the third quarter of 2004 "should no longer be relied upon," owing to an investigation of past vendor markdown practices.