Belk Inc. continued to expand its net income and sales in the second quarter, although at a slower pace than in the first three months of the year.
In the quarter ended July 28, the Charlotte, N.C.-based department store retailer’s net income expanded 9.6 percent to $27.4 million from $25 million. Sales were up 4.3 percent, to $867.9 million from $831.8 million, and grew 4.9 percent on a same-store basis. Cost of goods sold increased at the same rate as sales, leaving gross margin essentially unchanged at 33.3 percent of sales.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)