Belk Q2 Net Climbs 11.3 Percent

BelkCHARLOTTE, N.C.-An uptick in sales and a watchful eye on expenses propelled Belk to a healthy 11.3 percent increase in net income in its fiscal second quarter, to $30.5 million.

Net sales rose 3.6 percent to $899.5 million, which included a same-store sales gain of 3.2 percent. According to a statement from the department-store retailer, the product categories showing the strongest performance were men's, kids, activewear and ladies' contemporary sportswear and dresses. Belk also enjoyed a huge 48.5 percent increase in e-commerce sales in the quarter, which ended on Aug. 3.

Selling, general and administrative expenses edged up 1.4 percent in dollars but dropped 57 basis points as a percentage of sales, to 26.5 percent. Interest expense fell 10.5 percent.

Tim Belk, Belk's chairman and CEO, said the retailer's quarter, which took place in a somewhat soft retail environment, was fueled by the investments the company has made in its business. "While those investments impact our short-term profitability, we are confident they will position us well for the future," Belk said.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


  • Von Tobel Cites Brass Textures Among Top Trends

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN cover for September 2017


    September 2017


    2017 State of the Industry Report
    Cautious Optimism, Mixed Results

    Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.


    •  TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
    •   Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
    •  N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.