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Saks taps Goldman Sachs for possible sale

RBR Staff Writer Published 23 May 2013

Department store retailer Saks Incorporated, the owner of Saks Fifth Avenue, has hired Goldman Sachs to explore strategic alternatives, including a possible sale of the company.

The move comes as the chain's shares had increased by almost one-third this year through 21 May and interest rates are low.

Private-equity firms, KKR and Leonard Green & Partners are looking for possible chances to bid the New York luxury chain, reported New York Post.

Saks posted first-quarter net income of $20m, down from $32.15m in the same period a year ago.

Net sales for the quarter rose to $793.20m compared to $753.61m in the prior year quarter.

First quarter comparable store sales rose 5.9%, on top of a solid 4.8% increase in last year's first quarter.

Saks is a specialty retailer of luxury merchandise based in the US. The key product portfolio of the company includes luxury fashion apparel, shoes, accessories, jewelry, cosmetics and gifts.

The retailer offers these products under various brands such as Saks Fifth Avenue, Saks & Company, SFA, S5A, The Fifth Avenue Club, SAKSFIRST, Saks Fifth Avenue Men's Collection and OFF 5th.