Belk Net More than Doubles in Second Quarter
CHARLOTTE, N.C.--In what Tim Belk, chairman and CEO, termed "another quarter of strong growth," Belk posted a dramatic 102 percent increase in net income in its fiscal second quarter, to $25 million.
Net sales rose 5.6 percent to $831.8 million in the quarter, which ended on July 30 and which included a pickup of 5.5 percent in same-store sales. Belk cited home as one of the star performers for the department-store retailer, along with its e-commerce section, shoes, cosmetics and kids.
Gross margin rose 82 basis points to 33.3 percent. Selling, general and administrative expenses edged up 1.2 percent in dollar terms, but decreased 119 basis points as percentage of sales to 27.4 percent.
Looking ahead, Belk said, "There are questions about the fall. However, we are encouraged by the momentum from the first two quarters."