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(SKS) 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%