Saks Books First-Quarter Earnings Improvement Amid Debt Talks

Saks Global Enterprises released results for its fiscal first quarter that showed stronger earnings as the luxury retail chain looks to build support for a deal that will revamp its repayment priorities.

• The luxury retail chain booked $13 million of adjusted Ebitda in the first quarter ended May 3, compared to a $1 million loss a year ago, according to a company press release
• Quarterly revenue was $1.6 billion, compared to $1.9 billion on a consolidated basis that incorporates the sales from last year’s tie-up between Saks and Neiman Marcus
• Gross margin in the quarter expanded by 160 basis points ...