Belk Touts Strong Year
Home & Textiles Today Staff -- Home Textiles Today, May 17, 2012
Regional department store company Belk called its most recent fiscal year one of the strongest in its history, with net income jumping 43% to $183.1 million.
Profit got a boost from higher sales and better margin as well as lower expenses and a deferred tax valuation. Excluding non-comparable items, net income for the year rose 27% to $162.3 million.
Home was one of the leading categories for the year, along with ladies shoes and children's. Sales rose 5.3% to $3.7 billion, with comps up 5.5%.
Belk, a privately owned company, did not break out fourth quarter results, but said it achieved its eighth consecutive quarter of year-over-year comp sales growth.