Saks Profit Rises

NEW YORK -- Saks Inc. said on Tuesday that its third-quarter net income rose to $36.3 million, or 24 cents a share, from $6.3 million, or 4 cents a share a year ago. The latest quarterly results include a gain of $26.7 million, or 14 cents a share related to the reversal of certain estimated income tax reserves. Excluding this gain, the saks would posted net income of $9.7 million, or $.06 per share. Saks' revenue in the quarter rose to $658.8 million, from $631.4 million. Analysts polled by FactSet Research had expected the company to earn 2 cents