Belk 2Q Profit Rises
September 13, 2009,
Improved margins and cost controls helped Belk overcome softer sales and a deliver a 14.6% boost in net income during the second quarter.
Sales at the 307-until retailer fell 8.3% to $760.3 million, with comps off 9.4%. Belk cited lower sales volume and the shift of state sales tax holidays in some markets from July to August.
"While sales results reflected a continued weakness in consumer spending for the period, we were pleased to deliver increased profitability and a significantly improved cash position," said Tim Belk, chairman and ceo.
For the first half of the fiscal year, profit fell 24.8% to 10.0 million. Sales dropped 7.6% to $1.52 billion, with comps down 8.5%.