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CNNfn after the bell
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March 16, 1999: 10:47 p.m. ET
Nine West, Saks report; G.I. Joe skips IPO; Multex prices above range
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NEW YORK (CNNfn) - Tuesday's close brought earnings reports from two major retailers, as well as news of a canceled initial public offering from a one-time military surplus store.
Leading Tuesday's round of earnings reports was Saks Inc. The department store retailer posted fourth-quarter results of 97 cents per share, excluding one-time items, on income totaling $142.8 million. This compared to earnings of $113.3 million, or 77 cents per share, in the same quarter a year ago.
The company's earnings were in line with analysts' expectations, according to First Call.
Saks (SKS) recorded a one-time charge in the quarter related to its mergers with Saks Holdings Inc. and Carson Pirie Scott & Co.
For the quarter ended Jan. 30, revenue totaled $2 billion, a 13 percent increase over the year-ago quarter. For the year, revenue came in at $6.2 billion, compared with $5.8 billion in 1997.
Also reporting earnings was Nine West, the White Plains, NY-based women's footwear retailer that has experienced financial difficulty in recent months. Excluding charges, Nine West posted fourth-quarter earnings of 1 cent, a penny ahead of Wall Street expectations.
Earnings excluding charges totaled $300,000 on revenue of $454.8 million.
This compared to earnings of $900,000, or 3 cents a share, on revenue of $467 million in the same quarter one year ago, excluding charges.
Nine West (NIN) said 1998 was marked by weak consumer demand and excess inventory. The company recorded a substantial charge in the quarter related to restructuring and staff reductions.
In other news, G.I. Joe's Inc. said Tuesday it has canceled plans to take the company public. G.I. Joe's, not to be confused with the action figure of the same name, is a Portland, Ore.-based operator of sports and automotive merchandise stores.
The company, which began operations in 1952 as a government surplus store, had planned to offer 2.2 million shares at $6 a share some time this week.
Another IPO company, Multex.com Inc., priced 3 million shares at $14, above the expected range of $9 to $11. The company is to begin trading on Wednesday under the ticker symbol "MLTX."
Multex offers payment-on-demand access to Wall Street analyst reports and other investment information through its own Web site and those of several news and financial partners, including CNNfn.com.
-- from staff and wire reports
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