Saks revises 3Q results due to tax benefit

AP News
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Posted: Dec 04, 2009 5:06 PM

Luxury retailer Saks Inc. on Friday restated its third-quarter profit to add a $4.4 million tax benefit, bumping its net income to $6.3 million from $1.9 million.

Saks said per-share profit had been revised to 4 cents from 1 cent in the quarter that ended Oct. 31.

It originally reported on Nov. 17 that it had earned its first quarterly profit in six quarters by cutting expenses and promotions. The $4.4 million had been put aside for a possible tax liability but the company determined it could be recorded as a gain.

Shares of Saks, based in New York, rose a penny to $5.97 in after-hours trading Friday after closing at $5.96, up 6 cents from a day earlier.