Investments in store renovations and relocations at Belk Inc. are continuing to pay off.
The Charlotte, N.C.-based regional department store said third-quarter net income increased to $11.1 million compared to $600,000 in the same prior-year period. Net income excluding noncomparable items increased to $9.8 million compared to $1.4 million in the prior-year period.
Comparable-store sales increase 5.8 percent in the quarter, which ended Oct. 27 and marked the 11th consecutive quarter of comp sales growth. Total revenues rose to $837.5 million, up 5.9 percent from $790.7 in the year-ago period.
“Our Belk team delivered another quarter of solid growth in comparable-store sales and profits,” said Tim Belk, chairman and chief executive officer. “A key factor in our sales growth is the significant investment we’re making across many areas of our business, including technology, store expansions and remodels, e-commerce, and service excellence.”
Men’s, kids and home experienced the highest growth in the quarter, while e-commerce grew by 70.8 percent.
Year-to-date, sales totaled $2.62 billion, an increase of 5.8 percent compared to the same 39-week period last year. Comparable sales increased 6.1 percent. Net income rose 37 percent to $78.8 million. Net income excluding noncomparable items increased 34.8 percent to $76.7 million.
Belk said it finished 19 store expansions and remodels and 10 shoe and accessories department remodels year-to-date at a cost of approximately $78 million. An existing store in Waynesville, N.C., was relocated to a new and larger location at the Waynesville Commons shopping center, and the company’s two stores in Pensacola, Fla. were combined into a completely renovated store at Cordova Mall.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast