Home / Knowledge / News / Apparel/Garments / Retailer Belk Q3 FY'14 sales up 2.8%
Retailer Belk Q3 FY'14 sales up 2.8%
25
Nov '13
Belk, Inc. announced operating results for its fiscal third quarter and nine months ended November 2, 2013.

Tim Belk, chairman and chief executive officer of Belk, Inc., said, “Comparable sales grew 3.5 percent in the quarter, aided by colder weather and the investments we have made in the business, including store remodels, eCommerce and supply chain.

"November is the ‘go live’ month for a new technology platform which includes replacement of much of our IT infrastructure and a new merchandising system. In addition, we are testing technology to fulfill belk.com orders from stores to support our digital business, which grew 45 percent in the quarter. These investments will add expense and impact earnings over the next 18 months.”

Net Sales

Net sales for the 13-week period increased 2.8 percent to $860.7 million compared to the prior-year period. Comparable store sales grew for the 15th consecutive quarter with a 3.5 percent increase. The sales increase for the period resulted primarily from a continuation of strong eCommerce sales and execution of the company’s key strategies. 

Merchandise categories achieving the highest growth rate for the quarter were contemporary sportswear, shoes, accessories, men’s and kid’s apparel. The company’s eCommerce sales increased 44.8 percent for the third quarter, which contributed 1.5 percent of the comparable store sales increase.

Year-to-date sales totaled $2.72 billion, an increase of 3.9 percent compared to the same

39-week period last year. On a comparable store sales basis, sales for the 39-week period increased 4.0 percent. eCommerce sales grew 52.8 percent for the period, which contributed 1.5 percent of the comparable store sales increase.

Net Income

Net income for the third quarter was $3.6 million compared to $11.1 million for the same prior-year period. Net income excluding non-comparable items was $4.6 million for the period compared to $9.8 million for 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. The decrease was primarily the result of expenses associated with the company’s investments in strategic initiatives during the period.

Net income for the year-to-date was $62.2 million compared to $78.8 million for the same 39-week period last year. Net income excluding non-comparable items was $63.6 million compared to $76.7 million for the same prior-year period.

Flagship Stores

Belk previously announced that it will open two new flagship stores next year at Dallas Galleria and Bridge Street Town Center in Huntsville, Ala. Belk at Friendly Center in Greensboro, N.C. and Belk of Mount Pleasant Town Centre in Mt. Pleasant, S.C., are also being expanded and remodeled as part of their conversion to flagship stores. In addition, the current flagship store at Riverchase Galleria in Hoover, Ala. will undergo a major remodeling.

Brand Launch

On September 25, Belk announced a new partnership with denim experts Chip & Pepper Foster and the launch of an exclusive line – Chip & Pepper California – that offers trend-setting, premium denim in 100 Belk locations.

Belk


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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