Saks returns to profit

US department store group Saks Inc has reported a second quarter profit of $8.2 million (£4.7 million), compared with a loss of $25.3 million last year. The group's return to profit was boosted by the sale of some of its stores. It sold its Proffitt's and McRae's businesses and is considering selling some of its other divisions.

Saks said that sales dropped 3 percent to $1.32 billion from $1.35 billion last year. Same-store sales for the quarter grew 2.1 percent. The results included $57 million after-tax gains from the sale of Proffitt's and McRae's.