Belk Ups Profit on Lower Sales
September 8, 2008,
By tightening inventory and controlling other costs, southern regional department store operator Belk, Inc. boosted second quarter profits to $8.2 million, a 9.3% rise from the year-ago period.
The results showed a distinct turnaround from the first quarter, as net income six months year-to-date was just $13.3 million compared to $17.0 million for the year-ago period, while first-half sales fell 7.7% and comps dropped 6.4%.
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