Tuesday, March 29, 2005

Saks: investigation to conclude a little late


Source: HTT Staff

BIRMINGHAM, Ala. - Saks Incorporated reported that the internal investigation by its Audit Committee into improper collections of vendor markdown allowances (disclosed on March 3) is now expected to be finished in April. It was originally intended to conclude by the end of March.

The allowances investigation of vendor markdown relates to one of Saks Fifth Avenue's six merchandising divisions, the adequacy of an earlier internal investigation in 2002 into the same matter, and accounting and disclosure issues that have come up in the course of the current examination, stated the company.