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For the third quarter ended October 30, 2010, the Company recorded net Breguet Classique Grande_replica Breguet Classique Grande Complications Breguet Classique Grande watches Tourbillon BR-28 of $36.3 million, or $.20 per diluted share. Those results included a $26.7 million, or $.14 per share, gain related to the reversal of certain estimated income tax reserves deemed no longer necessary. Excluding this gain, the Company would have recorded net income of $9.7 million, or $.06 per share, for the third quarter ended October 30, 2010.
For last year’s third quarter ended October 31, 2009, the Company posted net income of $6.3 million, or $.04 per share. Those results included a $4.4 million, or $0.03 per share, gain related to the reversal of certain estimated income tax reserves deemed no longer necessary. Excluding this gain, the Company would have recorded net income of $1.9 million, or $.01 per share, for the third quarter ended October 31, 2009.
For the nine months ended October 30, 2010, the Company recorded net Breguet Classique Grande_replica Breguet Classique Grande Complications Breguet Classique Grande watches BR-32 of $22.9 million, or $.14 per diluted share. Those results included a net after-tax gain totaling $13.9 million, or $.08 per share, comprised of:
In the Saks Fifth Avenue stores, several merchandise categories showed strength during the quarter, including shoes, women’s apparel, dresses, men’s sportswear, and fashion jewelry. The New York City flagship store sales performance was in line with the Company’s aggregate comparable store sales performance during the quarter.
Managing Selling, General, and Administrative expenses (“SG&A”) continues to be a priority, although, as expected, the Company experienced deleverage for the quarter. As previously disclosed, the Company realized a reduction in proprietary credit card income primarily related to previously announced term changes with HSBC (equating to approximately $2.0 million and $5.0 million in the third quarter and nine months, respectively), and the Company is making targeted investment spending to support growth in such areas as Saks Direct. In addition, year-over-year incentive compensation expense increased. For the third quarter, as a percent of sales, SG&A expenses were 26.7% this year compared to 25.7% in the prior year, Breguet Classique Grande_replica Breguet Classique Grande Complications_ Breguet Classique Grande watches BR-15 to 100 basis points of deleverage. As expected, the Company experienced modest year-over-year deleverage of 30 basis points for the nine months, with current year SG&A expenses of 26.6% of sales compared to 26.3% in the first nine months of last year.websize:www.watchpond.com.
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