Saks Announces Ernest LaPorte As Senior Vice President And Controller
NEW YORK - Retailer Saks Incorporated (NYSE: SKS)(the “Company”) today announced that Ernest LaPorte has been named Senior Vice President and Controller of Saks Fifth Avenue.(“SFA”). LaPorte will assume the post of Senior Vice President and Controller of Saks Incorporated by August 2007.
LaPorte, a Certified Public Accountant, has over 20 years of finance and accounting experience in a range of industries. LaPorte has served as Vice President of Finance and Principal Accounting Officer of Movado Group, Inc. since February 2005. Prior to that, he held a variety of positions of increasing responsibility with Barnes & Noble, Inc. including Vice President of Internal Audit, Assistant Controller, and Director of Financial Reporting. LaPorte gained previous experience with General Electric Capital Corporation, NYNEX Corporation, and Meta Health Technology, Inc. He began his accounting career at the public accounting firm of Laventhol & Horwath.
LaPorte will be based in New York City and will report to Michael Archbold, who is the current Chief Financial and Administrative Officer for SFA and who will assume the post of Executive Vice President and Chief Financial Officer of the Company in May 2007. The Company is in the process of consolidating a number of its key finance and executive functions into the existing Saks Fifth Avenue home offices in New York City from Birmingham, Alabama. This process is expected to be completed by the end of the second fiscal quarter of 2007. Rod Samples, current Senior Vice President and Corporate Controller, is based in Birmingham and will remain in that post until the end of the second quarter.
Saks Incorporated currently operates Saks Fifth Avenue, which consists of 54 Saks Fifth Avenue stores, 50 Saks Off 5th stores, and saks.com. The Company also operates 62 Club Libby Lu specialty stores.
The information contained in this press release that addresses future results or expectations is considered “forward-looking” information within the definition of the Federal securities laws. Forward-looking
information in this document can be identified through the use of words such as “may,” “will,” “intend,” “plan,” “project,” “expect,” “anticipate,” “should,” “would,” “believe,” “estimate,” “contemplate,” “possible,” and “point.” The forward-looking information is premised on many factors, some of which are outlined below. Actual consolidated results might differ materially from projected forward-looking information if there are any material changes in management’s assumptions.
The forward-looking information and statements are or may be based on a series of projections and estimates and involve risks and uncertainties. These risks and uncertainties include such factors as: the level of consumer spending for apparel and other merchandise carried by the Company and its ability to respond quickly to consumer trends; adequate and stable sources of merchandise; the competitive pricing environment within the retail sector; the effectiveness of planned advertising, marketing, and promotional campaigns; favorable customer response to relationship marketing efforts of proprietary credit card loyalty programs; appropriate inventory management; effective expense control; successful operation of the Company’s proprietary credit card strategic alliance with HSBC Bank Nevada, N.A.; geo-political risks; changes in interest rates; the outcome of the formal investigation by the Securities and Exchange Commission and the inquiry the Company understands has been commenced by the Office of the United States Attorney for the Southern District of New York into the matters that were the subject of the investigations conducted during 2004 and 2005 by the Audit Committee of the Company’s Board of Directors and any related matters that may be under investigation or the subject of inquiry; the ultimate amount of reimbursement to vendors of improperly collected markdown allowances; the ultimate impact of improper timing of recording of inventory markdowns; the ultimate impact of incorrect timing of recording of vendor markdown allowances; and the outcome of the shareholder litigation that has been filed relating to the matters that were the subject of the Audit Committee’s initial investigation. For additional information regarding these and other risk factors, please refer to Exhibit 99.1 to the Company’s Form 10-K for the fiscal year ended January 28, 2006 filed with the SEC, which may be accessed via EDGAR through the Internet at www.sec.gov.
Management undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events, or otherwise. Persons are advised, however, to consult any further disclosures management makes on related subjects in its reports filed with the SEC and in its press releases.
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