Belk Net Jumps 32 Percent in Second Quarter
CHARLOTTE, N.C.-Second-quarter net income for Belk finished an impressive 32 percent ahead of the second-quarter profit from last year.
A statement from the department-store retailer attributed the firmer bottom line to improvements in net sales and gross margin. Net sales rose 3.6 percent to $787.7 million (including a 4.1 increase in same-store sales), and gross margin gained 115 basis points to 32.4 percent. Selling, general and administrative expenses did increase as well, by 6.7 percent in the quarter.
Tim Belk, Belk's chairman and chief executive officer, said the company's second-quarter gains owed to "customer response to fresh fashions ... We were pleased to see second-quarter sales trends maintaining at healthy margins."