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Saks beats by nickel
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March 13, 2001: 4:50 p.m. ET
Kohl's surpasses by 2 cents per share, Saks sees flat sales
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NEW YORK (CNNfn) - Clothing retailer Saks Inc. reported fourth-quarter earnings that came in a nickel ahead of Wall Street estimates, while Kohl's Corp. beat the forecast by two cents.
Before one-time items and losses, Birmingham, Ala.-based Saks (SKS: Research, Estimates) reported fourth-quarter earnings of $111.3 million, or 78 cents a share, compared with $142.3 million, or 99 cents a share, for the same time period in 2000.
 For fiscal 2001, Saks posted a profit of $153.1 million, or $1.07 a share for the year, without the losses and one-time items, compared with $241.7 million, or $1.66 a share, for the same period last year.
Earnings tracker First Call expected a profit of 73 cents for the quarter and 93 cents for fiscal 2001.
Sales remained flat at $2.12 billion versus $2 billion last year. Net income dropped 54 percent to $55.3 million from $120.4 million in 2000.
In February, the clothing retailer shelved plans to spin off its Saks Fifth Avenue stores and related businesses.
Kohl's up by 2 cents
Separately, Menomonee Falls, Wis.-based Kohl's Corp. (KSS: Research, Estimates) reported that fourth-quarter net income rose 48 percent to $178.5 million, or 52 cents a diluted share, compared with $120.6 million, or 36 cents a diluted share, in 2000.
For fiscal 2001, Kohl's posted net income of $372.2 million, or $1.10 a share, compared with $258.1 million, or 77 cents a diluted share, for the same time period in 2000.
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Analysts polled by First Call had expected a profit of 50 cents for the fourth quarter and $1.08 for fiscal 2001.
Kohl's opened 320 stores in the fourth quarter and saw its sales jump to $2.2 billion from $1.6 billion the year before.
Shares for Saks dropped 20 cents to $12.75 Tuesday, while Kohl's shares fell 65 cents to $61.61. 
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