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Saks 4th-quarter profit climbs on sale of luxury goods like handbags and fine jewelry
NEW YORK (AP) ' Saks Inc. says its fiscal fourth-quarter net income climbed 48 percent, buoyed by strong sales of handbags, fine jewelry and men's and women's clothing.
The New York department store operator earned $37 million, or 21 cents per share, compared with $25 million, or 14 cents per share, last year.
Removing store closing costs and other items, earnings were 17 cents per share. That tops analysts' 14 cents-per-share forecast.
Revenue for the period ended Jan. 28 increased 7 percent to $925.1 million, beating Wall Street's $918.9 million estimate.
Revenue at stores open at least a year rose 7.7 percent. Saks Direct, which sells online, posted a 21 percent increase.
Saks' stock added 33 cents, or 3 percent, to $11.20 in Tuesday premarket trading.