|Published:||May 17, 2011 6:42 PM EDT|
|Updated:||May 17, 2011 6:41 PM EDT|
NEW YORK (AP) - Saks Inc., the upscale department store chain, says rebounding luxury spending helped its first-quarter net income rise 51 percent from a year ago to $28.4 million.
CEO Stephen Sadove said Tuesday that he is "increasingly optimistic about the future."
Saks said it earned 16 cents per share, up from 11 cents in 2010's first quarter.
Its revenue rose 9 percent to $726 million, indicating that much of the net income improvement came from Saks' cost-cutting, including closing stores.
The company suffered in the recession as shoppers cut back on non-necessities.
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