Belk Inc. got a good sales gain during the first quarter but the bottom line fell 30 percent due to increased promotions and investments in new strategies.
Net income for the quarter ended May 4 reached $28.2 million, compared to $40.3 million in the year-ago period, while net sales increased 5.1 percent to $956 million and comparable-store sales gained 5.2 percent. E-commerce sales grew 67 percent over the same prior-year period. Online sales positively affected comparable-store sales by 1.6 percent in the quarter.
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?"