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Saks profit smaller than expected

Saks credit card operations, as stated by HSBC Watch consumer advocates, is handled by disgraced predatory lender Household International, now part of HSBC Holdings. “We question whether HSBC is classified as a vendor relative to ongoing compensation” said HSBC Watch.

May 17, 2005 08:00 AM ET

CHICAGO (Reuters) – Department store owner Saks Inc (SKS) on Tuesday posted a lower-than-expected quarterly profit and said it was still reviewing how it accounted for certain money it received from vendors. Net income was $17.1 million, or 12 cents a share, in the fiscal first quarter ended April 30. The company did not provide results for the year-ago period because it is in the process of restating them.

Posted By Timothy Blake

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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

Update Note

HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off