Home / Knowledge / News / Apparel/Garments / Profits at largest privately owned retailer Belk up 43.5%
Profits at largest privately owned retailer Belk up 43.5%
31
Mar '12
Belk Inc. announced operating results for the fiscal year ended January 28, 2012.

Tim Belk, chairman and chief executive officer of Belk, Inc., said, “Our financial performance last year was one of the strongest ever for Belk. The investments we are making in the company helped produce solid comparable store sales growth and improved profitability. Thanks to the dedicated efforts of our outstanding team of associates, we have achieved eight consecutive quarters of comparable store sales increases, and we are encouraged about the year ahead.”

Net Sales
Net sales for the 52-week period increased 5.3 percent to $3.7 billion compared to the prior-year period. On a comparable store basis, sales increased 5.5 percent. The increase was due to execution of key strategic initiatives that included investments in merchandising, rebranding, eCommerce, store remodels and service improvements. Merchandise categories with the highest growth rate for the year included ladies shoes, children's and home.

Net Income
Net income increased 43.5 percent to $183.1 million for the year compared to $127.6 million for the prior-year period. The increase was primarily a result of higher sales and improved margin, expense leverage, and the release of a deferred tax valuation allowance. Net income excluding non-comparable items increased 27 percent to $162.3 million for the year compared to $127.4 million for the prior year. A detailed reconciliation of net income to net income excluding non-comparable items is provided at the end of this release.

Investments in Strategic Initiatives
Belk has planned investments totaling approximately $600 million over a five-year period that began in the last fiscal year in key strategic initiatives including store remodels and service improvements; eCommerce; information technology; merchandise planning and processes; and improved sourcing practices.

Store Expansions and Remodelings
During fiscal year 2012, Belk relocated its Corinth, Miss. store to an expanded and renovated building in the same center; expanded and remodeled stores in Statesboro, Ga.

Monroe, N.C.; and remodeled stores in Cary, N.C., Tupelo, Miss., Charlotte, N.C. (SouthPark Mall), New Bern, N.C., Dublin, Ga., Vicksburg, Miss., Richlands, Va., and Myrtle Beach, S.C. (Myrtle Beach Mall). Additionally, the company completed shoe department expansion and remodeling projects in 32 stores along with fashion jewelry department remodeling projects in 56 stores. The installation of new Belk logo signs in all stores was also completed during the year.

Belk to open new eCommerce Fulfillment Center
Belk recently announced that it would begin operating a new 515,000-square-foot eCommerce fulfillment center in Jonesville, S.C. in June in a facility formerly occupied by Disney. The company is making a $4.5 million capital investment in the center, which is expected to generate 124 new jobs over the next five years and will support the continued growth of the company's eCommerce business.


Must ReadView All

Textiles minister Smriti Irani lighting the lamp to inaugurate the 6th edition of the International Apparel and Textile Fair ‘VASTRA 2017’, in Jaipur. Courtesy: PIB

Textiles | On 22nd Sep 2017

Placement rate in textiles sector is 70%: Indian minister

The recent high growth of foreign direct investment (FDI) in the...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Textiles | On 22nd Sep 2017

Messe Frankfurt acquires Source Africa, ATF textile shows

Messe Frankfurt, one of the world´s leading trade show organisers,...

Interviews View All

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search