Belk ekes out 1Q profit, in line with expectations
May 27, 2009,
Charlotte, N.C. -- Family owned Belk Stores today reported a first quarter profit of $500,000, well off the $5.1 million the retailer reported in last year’s first quarter.
The balance sheet, he added, had more than $250 million in cash, almost twice the amount Belk had at the end of the year-ago period.
Sales for the first quarter ended May 2 fell 6.9% to $760.9 million, with comps dropping off 7.7%.
The 308-unit regional department store opened three new stores during the quarter: Newman and Winder, Ga.; and Richmond, Ky. Belk also completed a store expansion in Knoxville, Tenn., and is on track to compete store expansions later this year in Ashland, Ky., and Hilton Head Island, N.C.
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