Luxury retailer Saks Inc. (NYSE: SKS) reported lower revenues and a first quarter loss of 4 cents per share compared with income of 12 cents per share last year, but the results surpassed expectations. Cost-cutting was expected to add $60 million to the bottom line this year. The stock price leaped $1.13 to $5.21.
Saks Tops Estimates
May 19, 2009 at 12:39 PM EDT