Saks
The luxury retailer reported a loss for the fourth quarter Wednesday after it was forced to slash prices to hold onto affluent shoppers who have sharply cut their spending in the recession.
But its shares surged almost 12 percent in trading after company officials said during a conference call that Saks has sufficient liquidity to pull through 2009. The company’s CEO also dispelled certain rumors, including talk of a possible bankruptcy.
The operator of Saks Fifth Avenue said it lost $98.75 million, 72 cents per share in the quarter that ended Jan. 31. That compares with a profit of $39.47 million, 26 cents per share, a year ago.
Tjx
The off-price retailer said it’s girding for a weak sales environment this year by reducing inventory and cutting spending $150 million by reducing marketing expenses, freezing merit wage increases and taking other measures.
The operator of T.J. Maxx, Marshalls and HomeGoods stores reported net income dropped to $250.7 million, 58 cents per share, from $301.1 million, 66 cents per share, a year earlier.
Excluding a benefit from a reduction in its reserves related to a security breach, adjusted earnings from continuing operations were 55 cents per share, which was above the retailer’s forecast for 50 cents to 51 cents per share. It also beat analysts average expectations of 51 cents per share, according to a poll by Thomson Reuters.
Visteon
The auto parts supplier posted a wider quarterly loss Wednesday, plans another 200 job cuts and said it could no longer guarantee compliance with its debt agreements due to growing uncertainty over the fate of the auto industry.
Visteon said its net loss for the quarter that ended Dec. 31 increased to $328 million, $2.53 per share, compared with a loss of $43 million, 33 cents per share, in the same quarter last year. Revenue dropped 42 percent to $1.65 billion.
Kbr
The former Halliburton subsidiary said Wednesday that its fourth-quarter profit climbed 24 percent, helped by strong results from most of its divisions, including its government and infrastructure and services units.
Earnings increased to $88 million, 54 cents per share, from $71 million, 42 cents per share, a year earlier.
