Belk Net More than Doubles in Second Quarter
August 26, 2011,
CHARLOTTE, N.C.--In what Tim Belk, chairman and CEO, termed "another quarter of strong growth," Belk posted a dramatic 102 percent increase in net income in its fiscal second quarter, to $25 million.
Net sales rose 5.6 percent to $831.8 million in the quarter, which ended on July 30 and which included a pickup of 5.5 percent in same-store sales. Belk cited home as one of the star performers for the department-store retailer, along with its e-commerce section, shoes, cosmetics and kids.
Looking ahead, Belk said, "There are questions about the fall. However, we are encouraged by the momentum from the first two quarters."
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