Saks Q4 income surges 48%

New York City -- Saks Inc. fourth-quarter net income climbed 48% amid strong sales of handbags, fine jewelry and men's and women's apparel. The earnings topped expectations. For the period ended Jan. 28, Saks earned $37 million, compared with $25 million last year. Quarterly revenue rose 7% to $925.1 million from $866.3 million, beating Wall Street's $918.9 million estimate. Same-store sales were up 7.7%. Saks Direct has an increase of about 21%. Saks said revenue at Off 5th stores open at least a year was weaker than expected. Full-year net income jumped 57% to $74.8 million. Annual revenue climbed