CHARLOTTE, N.C.–Net income for Belk in the second quarter was $9.4 million, up 14.6 percent over last year’s second quarter.
A company statement attributed the increase to improved gross-margin performance and “effective” measures of cost control over the period. Noting both the retailer’s improved profitability and cash position, Tim Belk, chairman and chief executive officer, praised the store associates for “providing good customer service while managing expense and inventory levels in keeping with sales trends.”
Net sales for the second quarter declined 8.3 percent to $760.3 million, including a 9.4 percent drop in same-store sales. The company noted that the second-quarter sales environment was weak for Belk stores due to consumers’ continuing concerns about the economy and a shift in state sales tax holidays in some Belk markets from July to August.