Belk Q1 income drops 32%

Charlotte – Belk said its income for the first quarter fell almost 32 percent, a result of flat sales and higher expenses.
Profit was $19.3 million for the quarter ending May 3, compared to $28.2 in the year-ago quarter. Sales were $955.1 million, compared to $955.8 million in the first quarter last year. Comp store sales slipped 0.2%.
Belk has been remodeling and opening new stores and investing in its e-commerce building, part of a three-year plan to invest more than $700 million in strategic initiatives. Online sales grew 42% from last year, but represent only 1.8% of the department stores’ same-store sales for the quarter.
“Although the investments we are making in the company will continue to impact our short term profitability, we are building a solid foundation for long term growth and success,” said Tim Belk, ceo.

Belk recently launched a private brand collection for home by designer Cynthia Rowley that includes linens, bedding, dec pillows and other home decor.

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.


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!