Saks Fifth Avenue could be offering a rare, high-ticket luxury item: Itself.
Shares soared nearly 20% after hours following a New York Post report that the retailer has hired Goldman Sachs to explore a possible sale of the company. Citing a source who was briefed on the situation, the Post article said Saks ( tapped Goldman in recent weeks, and noted that likely bidders are large private equity firms including KKR and Leonard Green & Partners. )
Saks and KKR said they do not comment on rumors and speculation. Goldman Sachs declined to comment. LGP did not immediately respond to calls and e-mails.
During the regular trading day, Saks shares finished up 11% after the company delivered robust sales for the fiscal first quarter. Revenue rose by more than 5% during the period.
Same-store sales, which measure sales at stores open at least a year and are a key measure for retailers, jumped by almost 6%