US retail giant Saks posted profits of US$21.6 million (£10.5 million) in the third quarter to November 3 – more than triple that of last year – following the sale of its loss-making department store group.

Sales also rose 14 per cent to US$796.1 million (£386.7 million), compared with US$697 million (£338.6 million) the previous year.

Chairman and chief executive Stephen Sadove said: “Many of our merchandise categories performed very well in the quarter, including handbags, women’s shoes, jewellery, men’s apparel, accessories and shoes. I remain optimistic about the long-term potential of the luxury sector and the Saks Fifth Avenue business in particular.”

The retailer operates Saks Fifth Avenue, which is comprised of 54 Saks Fifth Avenue stores, 49 Saks Off 5th stores and Saks.com. It also operates Club Libby Lu specialty stores.

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