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Net income grows 101.6% at Belk Inc
19
Sep '11
Belk Inc announced operating results for its fiscal second quarter ended July 30, 2011.

Net Sales
Net sales for the 13-week period increased 5.6 percent to $831.8 million compared to the same prior-year period. The increase resulted from a continuation of improved sales trends in both store and eCommerce sales. On a comparable store basis, sales increased 5.2 percent.

Belk's year-to-date sales totaled $1,680.4 million, an increase of 5.6 percent compared with the same 26-week prior year period. On a comparable store sales basis, year-to-date sales increased 5.5 percent over the prior-year period.

Net Income
Second quarter net income grew 101.6 percent to $25.0 million compared to the same period last year. Net income excluding non-comparable items increased 93.5 percent to $24.0 million compared to the same prior-year period. A detailed reconciliation of net income to net income excluding non-comparable items is provided at the end of this release.

Year-to-date net income increased to $56.9 million compared to $36.8 million for the same 26-week period last year. Net income excluding non-comparable items was $55.5 million compared to $36.5 million for the same 26-week period last year.

Tim Belk, chairman and chief executive officer of Belk, Inc., said, “We are pleased to report another quarter of strong growth in comparable store sales, healthy merchandise margins and increased profitability. Ecommerce is growing most quickly, followed by shoes, cosmetics, home and kids. We continue to invest in the business and are seeing the results. There are questions about fall; however, we are encouraged by the momentum from the first two quarters.”

Charlotte, N.C.-based Belk Inc is the nation's largest privately owned mainline department store company with 303 Belk stores located in 16 Southern states. The company was founded in 1888 by William Henry Belk in Monroe, N.C., and is in the third generation of Belk family leadership. Its Web site offers a wide assortment of fashion apparel, shoes and accessories for the entire family along with top name cosmetics, a wedding registry and a large selection of quality merchandise for the home.

Belk Inc


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