Belk touts strong year
HTT Staff -- Home Textiles Today, 3/29/2012 11:51:12 AM
Charlotte, N.C. - Regional department store company Belk called its most recent fiscal year one of the strongest in its history, with net income jumping 43% to $183.1 million.
Profit got a boost from higher sales and better margin as well as lower expenses and a deferred tax valuation. Excluding non-comparable items, net income for the year rose 27% to $162.3 million.
Home was one of the leading categories for the year, along with ladies shoes and children's. Sales rose 5.3% to $3.7 billion, with comps up 5.5%.
Belk, a privately owned company, did not break out fourth quarter results, but said it achieved its eighth consecutive quarter of year-over-year comp sales growth.
During the fiscal year ended Jan 28, Belk opened an ecommerce fulfillment center in Jonesville, S.C.
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