Belk Net Jumps 43.5 Percent in Fiscal 2012
March 29, 2012,
CHARLOTTE, N.C.-Belk Inc. posted a 43.5 percent increase in net income, to $183.1 million, for its fiscal year 2012 ending on Jan. 28.
The bottom line grew measurably blacker for the department-store retailer thanks to an increase in sales, improved margins and expense leverage. Net sales rose 5.3 percent to $3.7 billion, including a 5.5 percent gain in same-store sales. Gross margin rose 46 basis points to 33.5 percent, and selling, general and administrative expenses, while increasing 2.6 percent in dollars, fell 67 basis points as a percentage of sales to 25.4 percent.
Belk is also planning to open a new fulfillment center for its e-commerce business. Located in Jonesville, S.C., the new facility measures 515,000 square feet and is expected to generate 124 new jobs over the next five years.