Belk Sales Fall, Losses Mount
December 8, 2008-- Home Textiles Today,
Regional department store operator Belk Inc. reported a dramatically deeper net loss for the third quarter, as sales fell more steeply.
The privately-held company reported a Q3 (ended Nov. 1) net loss of $23.5 million, compared to the year-ago net loss of $6.9 million. "Net loss excluding non-comparable items for the third quarter was $24.2 million compared to a net loss of $6.5 million for the same prior-year period," Belk announced.
Year-to-date, Belk registered a net loss of $10.2 million, vs. net income of $10.1 million in the prior-year period. Excluding non-comparable items, the loss was $11.9 million, vs. earnings of $15.7 million one year ago.
Sales in the quarter fell 8.3% to $741.4 million, while comps decreased 9.8%. Year-to-date sales of $2.39 billion were down 7.9%; comps fell 7.5%.
"We have maintained a strong balance sheet and positive cash flow, which places us in a good position to weather the downturn," asserted Tim Belk, chairman and ceo of the 308-store retailer. "We are also continuing to invest in our business with the opening of three new stores, the relaunch of our expanded website and the development of new brands."
Related Content By Author
Northwest plays cameo on GMA