Retailer Saks (NYSE:SKS) reported a second-quarter net loss of $32.2 million, or 21 cents per diluted share, compared with a net loss of $54.5 million, or 39 cents per share, in the second quarter of 2009. The results for the second quarter of 2010 include after-tax charges of $11.7 million, or 8 cents per share, related to net lease termination costs and $1.1 million of severance and other store closing costs. The company announced today that it is closing its Saks Fifth Avenue stores in Plano, Texas and Mission Vieja, California. Both stores will close this year. The company also shut stores in Portland, Oregon; San Diego, California and Charleston, South Carolina in July. Without these after-tax charges, Saks would have recorded a net loss of $20.5 million, or 13 cents per share, for the second quarter. –Daily Finance
Honeywell International (NYSE:HON) was upgraded to overweight from neutral at J.P. Morgan, which said the conglomerate could soon experience new demand for its aerospace and automated control systems products. –MarketWatch
Wal-Mart Stores (NYSE:WMT) reported second quarter sales and earnings increased in the fiscal second quarter 2011 period ended July 31, 2010. The world’s largest retailer said income from continuing operations attributable to Walmart for the quarter increased to $3.6 billion from $3.5 billion in the second quarter last year. Earnings per share from continuing operations were 97 cents, up from 89 cents in the same period last year, and in line with estimates of 97 cents per share. Net sales for the quarter increased 2.8% to $103 billion from $100 billion in last year’s period. Sales came in below consensus estimates of $105.4 billion. On a constant currency basis, consolidated net sales increased 2%. U.S. same-store sales declined 1.8% in the period. "The slow economic recovery will continue to affect our customers, and we expect they will remain cautious about spending," said president and CEO Mike Duke in a statement. "Walmart is committed to our mission of saving people money so they can live better." Looking ahead, "We are raising our full year guidance to a range of $3.95 to $4.05. –Daily Finance
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