The balance sheet news wasn't all bad, however, for the Alabama company that operates Saks Department Store Group and Saks Fifth Avenue Enterprises. Saks reduced its debt load by $287 million to $1.34 billion and borrowed nothing under its $700 million revolving credit facility.
"The debt balance at May 4 is approximately $643 million below the level at the end of the first quarter two years ago," Saks chairman/CEO R. Brad Martin says in a prepared statement.
Cash on hand, one of the most important items in a profit-and-loss statement, totaled $100 million. The company's conference call to discuss first-quarter results is set for 10 a.m. today at 816 650 0742.
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