Belk Net Rockets 1,750 Percent in Q3
November 21, 2012,
CHARLOTTE, N.C.-Belk Inc. enjoyed a boon on its bottom line in its fiscal third quarter, with net income soaring 1,750 percent to $11.1 million.
Gains in net sales combined with controls on expenses and a benefit from asset impairment to produce the company's prosperous quarter, which ended on Oct. 27. Net sales were up 5.9 percent to $837.5 million, including a gain of 5.8 percent in same-store sales. Gross margin picked up 44 basis points to finish at 31.4 percent.
Describing the third quarter as "another quarter of solid growth," Tim Belk, chairman and CEO, added, "A key factor in our sales growth is the significant investment we're making across many areas of our business, including technology, store expansions and remodels, e-commerce and service excellence."