If there was any doubt that the consumer confidence level wasn’t improving, even though it posted its highest number in three years yesterday, now Saks and Zale have joined the list of luxury retailers posting big fourth-quarter profit and sales gains in the last few weeks.
Zale shares are up around 6% today after posting a strong earnings report for the quarter.
- Saks posted a 36% increase in sales at stores open for one year and posted a profit of $24.98 million compared to $4.61 million in the prior year
- Revenue rose 6.8% to $866.3 million for Saks and same-store sales were up 8.4% which beat analyst expectations
- Jewelry retailer Zale reported a net income of $27.2 million which was FOUR TIMES as great as its net income for a year earlier.
- Zale’s revenue also rose 7.6% to $626.4 million for the holiday quarter ending in January and same-store sales were up 7.9%
- Neiman Marcus and Tiffany also posted same-store sales gains and Ralph Lauren reported a 24% quarterly revenue increase in the last month