Belk Net Climbs 26.3 Percent in First Quarter
May 31, 2012,
CHARLOTTE, N.C.-Strong sales and successful leveraging of expenses resulted in a powerful 26.3 percent increase in net income for Belk Inc. in its fiscal first quarter, totaling $40.3 million.
Net sales rose 7.2 percent to $909.8 million in the quarter, which ended on April 28 and which include a same-store sales gain of 7.4 percent. Tim Belk, the retailer's chairman and CEO, noted that first-quarter sales exceeded the company's expectation. "Color in the assortment has been a powerful story this spring," Belk said. "We were well positioned with inventory in early March, and our customers responded."
Belk is in the midst of a five-year period in which it intends to invest $600 million in store remodels, service improvements, e-commerce, information technology, merchandise planning and processes, marketing and branding, and improved sourcing practices. In the current fiscal year, it is spending $75 million on expansion and remodeling in 29 stores. Two stores will be relocated, four stores will be expanded and remodeled, 13 stores will be remodeled, and shoe departments and fashion jewelry departments will be expanded and remodeled in 10 stores.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money