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.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
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@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)