Saks Says Improper Payments Cut Earnings

Saks Inc., the luxury retailer under a federal accounting probe, said the improper collection of vendor payments cut the company’s earnings for four fiscal years starting in 2001.

Saks restated earnings in its annual report filed with the Securities and Exchange Commission. The report was filed almost five months late to reflect the $34.2 million Saks collected from vendors.

Federal officials are investigating, and Saks has asked three executives to resign. Saks, which last week completed an investigation of the fees, acknowledged it gave vendors false information to get the markdown money.