Saks net income misses estimates

From Times Wire Services

Upscale retailer Saks Inc. reported lower-than-expected quarterly profit as markdowns pressured gross margin.

Earnings rose to $18.3 million, or 13 cents a share, for the fiscal first quarter ended May 3, from $11 million, or 7 cents, a year earlier.

Analysts had expected 17 cents a share, according to Reuters Estimates.

The operator of Saks Fifth Avenue stores said sales rose 9% to $862.4 million as consumers responded to promotions. Sales at stores open at least a year rose 8.4%.

Saks dropped 93 cents, or 6.6%, to $13.20.

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