Department Store Chain, Belk, Inc., Reports Higher Revenue and Profits.

August 31, 2010

Belk, Inc. (OTCQB: BLKIB – $20.50*, BLKIA -$18.00*) reported revenues increased 3.6% to $787.7 million for the second quarter ended July 31, 2010 when compared to the same period in 2009. Net income jumped 31.9% to 12.4 million in the second quarter compared to $9.5 million for the same period in 2009.

Tim Belk, chairman and chief executive officer of Belk, Inc., said, “Customer response to fresh fashions produced solid same-store sales gains. We were pleased to see second quarter sales trends maintaining at healthy margins. Denim, shoes and dresses were the best performing categories, and our men’s business was also strong.”

Belk has four store remodeling projects underway at Hamilton Place Mall, Chattanooga, Tenn., Turtle Creek Mall in Hattiesburg, Miss., University Mall in Tuscaloosa, Ala., and Hupps Mill Plaza in South Boston, Va., with a grand reopening at each location scheduled for Oct. 13, 2010. In addition, the company is expanding and remodeling the ladies shoe departments at six Belk locations in Charlottesville, Va., Columbia, S.C. (Columbiana Mall), Florence, S.C., Flowood, Miss., Myrtle Beach, S.C. (Coastal Grand Mall), and Savannah, Ga.

The shoe department projects, which will be completed this summer and fall, will allow the stores to expand offerings of top-name shoe brands and also include renovations of the stores’ handbags, fashion accessories and jewelry areas featuring the latest visual presentation and display fixtures.

In addition to remodeling several stores and shoe department expansions, Belk recently installed new Denim Zone shops featuring the latest denim collections in 209 locations, expanded juniors and young men’s departments in eight locations and enhanced fashion jewelry areas in 14 locations with new assortments and open-sell display fixtures.

Belk, Inc. is based in Charlotte, North Carolina and owns a mainline department store with 306 Belk locations in 16 southern states. Founded in 1888, the company is under the leadership of the third generation of the Belk family. The Company also sells items through its online store at

*Price per share represents the price of the last sale at the time the article was published.

Disclosure: The author does not hold any position in BLKIB or BLKIA at the time of this article.

Print Friendly

Previous post:

Next post: