Belk sees profit boost
-- Home Textiles Today, 5/27/2010 7:49:00 AM
Charlotte, N.C. — Regional department store Belk recorded a first quarter profit of $25.2 million, a significant increase from last year’s 1Q net income of $500,000.
Sales for the quarter ended May 1 rose 5.7% to $803.9 million, with comps up 6.4%. Home was not included among the strongest performing categories.
“Increased sales, combined with continued outstanding results from our inventory and margin improvement initiatives, produced excellent profit growth for the period,” said Tim Belk, chairman and ceo.
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