Belk doubles net income in 2Q; cites e-commerce and home among fastest growers

Home Textiles Today Staff -- Home Textiles Today, 8/26/2011 12:28:11 PM

Belk doubles net income in 2Q; cites e-commerce and home among fastest growers

Charlotte, N.C. - Ecommerce as well as home are among the most rapidly growing business segments for Southeastern regional department store chain Belk Inc., which saw its net income more than double during the second quarter.

Second-quarter net income grew 101.6 % to $25.0 million compared to the same period last year. Net income excluding non-comparable items increased 93.5 % to $24.0 million compared to the year-ago quarter.

Net sales for the 13-week period increased 5.6% to $831.8 million compared to the same prior-year period. The increase resulted from a continuation of improved sales trends in both store and e-commerce sales. On a comparable store basis, sales increased 5.2%.

Year-to-date net income increased to $56.9 million compared to $36.8 million for the same 26-week period last year. Net income excluding non-comparable items was $55.5 million compared to $36.5 million for the same 26-week period last year.

Net sales for the first half were up 5.6% to $1,680.4 million. And comps grew 5.5%.

"We are pleased to report another quarter of strong growth in comparable store sales, healthy merchandise margins and increased profitability," said Tim Belk, chairman and ceo of the 303-unit chain in 16 Southern states. "E-commerce is growing most quickly, followed by shoes, cosmetics, home and kids. We continue to invest in the business and are seeing the results. There are questions about fall; however, we are encouraged by the momentum from the first two quarters."