Saks reiterates sale talk
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.
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.
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