Business

Saks reports profit after sales boost

Saks Fifth Avenue branch
Image caption Saks results suggest luxury shoppers are beginning to spend again

US department store chain Saks has reported a profit for the fourth quarter of 2010 after it managed to sell more luxury goods at full price.

Saks reported a net income of $25m (£15.3m) against a loss of $4.6m last year, with same-store sales up 8.4%.

Sales had been hit during the economic downturn when shoppers were less inclined to buy luxury goods.

Saks reported a net income of $47.8m for the year, up from a loss of $57.9m in 2009.

"2010 was a year of good progress for Saks. We returned to prudently and profitably growing the business while making investments for the longer term," said chief executive Stephen Sadove in a statement.

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