CHARLOTTE, N.C.–Belk’s fiscal year net income sank on high markdowns and the cost of absorbing Parisian department stores.
Belk’s sales for the 52-week period ended Feb. 2 grew 3.8 percent to $3.82 billion. The increase was due largely to sales from new stores and from the Parisian stores acquired in 2006.
Net income fell to $95.7 million from $181.8 million. The decline was due largely to a decrease in gross margin in the second half of the year from accelerated markdowns taken “in light of the weak economic environment,” and higher expenses from the Parisian acquisition.
