Belk profits down, adds private brands  

Charlotte, N.C. – Southeastern department store operator Belk Inc. saw first-quarter profits slashed as sales fell, but the retailer launched two private label programs and continued to integrate 25 former Parisian stores into the chain.

Net income at the 307-store, privately held company was $5.1 million for the first quarter, down 46.3% from $9.5 million in the same period one year ago. Chairman and ceo Tim Belk noted that SG&A costs were reduced, as were inventory levels. “We continue to maintain a strong balance sheet that will enable the company to weather the downturn and move forward with our key strategic initiatives,” he said.

Sales of $817.3 million were down 9.6% from $904.5 million in the year-ago period, as comps fell 8.7%.

Belk has introduced its exclusive, private label Lorena Garcia brand in housewares and bedding products. The company also launched Pro Tour golf apparel for men during the quarter.

Garcia is a chef who has appeared on a range of television programs including the current “Sazón con Lorena Garcia” on Utilisima, as well as “El Arte del Buen Gusto” and “Big Chef, Little Chef.”

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!