Belk Net Edges Up 2.9 Percent for Fiscal Year; Home Helps Pick Up Sales
April 5, 2013,
CHARLOTTE, N.C.-In what Chairman and CEO Tim Belk described as "another year of progress for our company," Belk Inc. brought in a 2.9 percent rise in fiscal-year net income, to $188.4 million.
The company was able to firm its bottom line on the back of a 7 percent increase in net sales, to $4 billion, for the year ending on Feb. 2. This included a gain in same-store sales of 6.3 percent. Home was one of Belk's best-performing categories last year, along with women's accessories, men's and children's.
Gross margin slipped eight basis points to 33.4 percent. Selling, general and administrative expenses rose 5 percent in dollars but dropped 37 basis points as a percentage of sales, to 24.9 percent.
The new fiscal year marks Belk's 125th anniversary, which the chairman and CEO said would bring a greater commitment to investing in the company. "We...invested in 30 of our stores last year with full and departmental remodels, and plan to touch another 45 stores in the year ahead," he said.
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