NEW YORK, N.Y. - Luxury department store chain Saks Inc. said Thursday that revenue in existing stores surged a better-than-expected 10.5 per cent during January, driven by sales of women's apparel, handbags and men's accessories.
On average, analysts surveyed by Thomson Reuters forecast growth of 6.2 per cent.
The New York company said total sales for the four weeks ended Jan. 28 rose 7.2 per cent to $175.6 million from $163.8 million. The company's online segment, Saks Direct, also did well during January.
Fourth-quarter revenue in existing stores rose 7.7 per cent. The metric is a key measure of a retailer's health because it excludes results from stores that have recently opened or closed. Total quarterly sales rose 6.4 per cent to $905.1 million.
Saks operates 46 Saks Fifth Avenue stores, 60 Saks OFF 5TH stores, and its online store.
In premarket trading, Saks shares added 27 cents, or 2.7 per cent, to $10.41 per share.