NEW YORK, Dec 4 (Reuters) - U.S. luxury department store operator Saks Inc (SKS.N) restated its earnings from the most recent quarter upward after reclassifying the reversal of a $4.4 million tax reserve that had been set up for a potential tax liability.

Saks Fifth Avenue

As a result, Saks reported net income of $6.3 million, or 4 cents per share, for its fiscal third quarter, ended Oct. 31,instead of a profit of $1.9 million, or 1 cent per share.

For the nine months ended Oct. 31, Saks restated its loss as $53.3 million, or 37 cents per share, rather than the previously reported $57.7 million loss, or 40 cents per share.

Saks shares rose 23 cents, or 3.9 percent, to $6.13 on the New York Stock Exchange. (Reporting by Phil Wahba; Editing by Steve Orlofsky)