RETAIL EARNINGS / SAKS

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. Revenue fell 27% to $621.3 million.

Analysts were expecting a loss of 26 cents a share on revenue of nearly $620 million.

The New York company said Saks Fifth Avenue saw weakness across all merchandise categories, geographies and channels of distribution during the quarter.