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Fast Exclusive: Saks CEO

Investors are poring over the latest results from Saks , attempting to glean insights into the health of luxury spending.

Looking at the numbers, Saks reported net income of $18.8 million, or 11 cents per share, during that quarter that ended May 1, compared to a loss of $5.1 million, or 4 cents a share, a year earlier.

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Saks also said sales rose 6.1 percent during the first quarter.

Looking ahead the company forecast same-store sales would rise in the "low-to-mid single digit" range for the second quarter, and in the "mid-single digit range" for its full fiscal year.

What else must you know before you place your bets? Check out our interview with Saks CEO Steve Sadove.




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Trader disclosure: On May 18, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (AAPL), (BAC), (EEM); Terranova Owns (SWN); Finerman's Firm Is Short (IJR), (MDY), (IWM), (SPY); Finerman's Firm Is Long S&P Puts; Finerman Owns (AAPL); Finerman's Firm Owns (JPM), (JPM) Call; Finerman Owns (JPM); Finerman's Firm Owns (KFT); Finerman's Firm Owns (SKS); Finerman's Firm And Finerman Own (TJX); Finerman's Firm Owns (WFC) Preferredl; Finerman's Firm Owns (WMT); Najarian Owns (AMD) Calls; Najarian Owns (C) Calls; Najarian Owns (HPQ), Is Long (HPQ) June Call, Is Short (HPQ) May Calls; Najarian Owns (MS), Is Short (MS) Calls; Najarian Owns (V) Call Spread; Najarian Owns (AMD) calls; Najarian owns (HPQ), is short (HPQ) calls; Najarian Owns (VRSN) calls; Edwards Owns (VXX)

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