Belk boosts 2Q profit
Staff Staff -- Furniture Today, September 5, 2013
Charlotte, N.C - Belk posted sales and earnings increases for the second quarter, with net income up 11.3% to $30.5 million.
Excluding non-comparable items, net income for the quarter ended Aug. 3 rose 14.0% to $30.9 million
Sales increased 3.6% to $899.5 million, with comps up 3.2% -- Belk's 14th consecutive quarter of same-store sales increases. Home was not listed among the leading sales categories for the month. Online sales jumped 48.5%, contributing 1.3% to comp.
"Although we continue to see a softening retail environment, we are pleased to report another quarter of sales and earnings growth driven in part by the investments we are making in the business," said Tim Belk, chairman and ceo.
Year-to-date, net income fell 13.3% to $58.7 million. Excluding non-comparable items, net income dropped 11.1% to $59.3 million versus $66.7 million on a lower margin. Sales gained 4.4% to $1.86 billion, with comps up 4.2%. Online sales climbed 57.6%.
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