Belk back in the black in 2009, declares dividend
April 1, 2010,
Charlotte, N.C. – Belk Inc. today reported net income of $67.1 million for the recently completed fiscal year, reversing the $213.0 million loss it posted in 2008.
He continued: “We were able to generate significant cash flow and ended the year with $586 million in cash. This strengthens our balance sheet and positions us to make strategic investments for long-term growth and success.”
For the year ended Jan. 30, sales fell 4.4% to $3.35 billion and comps declined 4.6%. Much of that decrease was attributed to a significant drop in consumer spending during the first half of the year .
Net income excluding non-comparable items for the year was $95.2 million compared to $53.1 million for the prior year.
Belk opened three new stores last year: Newnan, Ga., Winder, Ga. and Richmond, Ky. It completed three store expansions: Knoxville, Tenn. (Colonial Pinnacle at Turkey Creek), Ashland, Ky. and Hilton Head Island, S.C.
The company also declared a regular dividend of 40 cents per share and a special one-time additional dividend of 40 cents per share for shareholders of record on April 1, 2010.
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