Saks Says Profit Falls 20% on Lawsuit Costs
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Saks Inc., the luxury retailer under a federal accounting probe, said its fiscal first-quarter profit fell 20% because of the costs of a lawsuit.
Net income dropped to $16.2 million, or 11 cents a share, in the quarter ended April 30 from a restated $20.2 million, or 14 cents, a year earlier, Birmingham, Ala.-based Saks said. Sales rose less than 1% to $1.55 billion.
Saks on May 17 reported preliminary first-quarter profit of $17.1 million. It delayed filing final results to restate earnings for last year’s first quarter to account for improper payments it took from vendors.
Saks shares fell 9 cents to $18.41.
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