Most Recent Articles In Financial
Latest Financial Articles
- Consumer Sentiment Jumps as Fashion Flounders
- Ulta and Deckers Shine as U.S. Market Heads Into the Holiday
- European Stock Markets Down
More Articles By
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.