For the third quarter ended October 27, Saks Inc. recorded net income of $22.6 million, or 14 cents per diluted share. Excluding the reversal of Federal income tax reserve, the company posted net income of $19.3 million, or 12 cents per share, for the quarter.

In the 2011 third quarter, Saks reported net income of $17.8 million, or 11 cents per diluted share.

Earnings per share met a Zacks Consensus Estimate of financial analysts.

The company said total sales increased 3% to $713.2 million. Comparable store sales increased 3.3% in the quarter, the company stated.