Our Take — In 2009, SKS EBIT margin improved 295 bps YOY to (-0.8)% of sales. While this metric is far from management’s previously stated 8% long-term EBIT margin goal, we believe that there is significant fundamental improvement opportunity over the next several years, driven by a recovery in the high-end of retail, SKS’s merchandising, marketing, and technology initiatives, and the growth of Direct and Off 5th. We have a Buy (1H) Rating and $10 target price for SKS.
Saks Inc (SKS)
Saks, In
Saks
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