Belk Hits Black in Fiscal 2010
April 2, 2010,
CHARLOTTE, N.C.-Reversing a net loss of $213 million from the prior year, Belk reported net income of $67.1 million for its 2010 fiscal year, which ended Jan. 30.
Last year's loss was the result of a non-cash charge for goodwill impairment of $326.6 million. But Belk's bottom line also received assists from company initiatives that improved merchandise margins and reduced expenses, according to a statement from the department-store retailer. Belk's gross margin for the year rose 150 basis points to 32.1 percent, and the company sliced 6.5 percent off its selling, general and administrative expenses.