Belk Inc., citing the “soft-selling environment” and investments for long-term growth, said Wednesday that net income for the first quarter ending May 3 dropped 32 percent to $19.3 million compared with $28.2 million in the prior-year period.
The company said the decrease was primarily the result of higher expenses from investments in strategic initiatives. Comparable-store sales decreased 0.2 percent and totaled $955.1 million, versus $955.8 million a year ago. Online sales increased 42.4 percent in the quarter, positively impacting comparable sales by 1.8 percent for the period. Juniors, women’s contemporary and better merchandise performed well during the quarter, the company said.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"