Belk, Inc Shows Positive Third Quarter Results

December 7, 2011

Belk, Inc. (OTCQB: BLKIB.OB, BLKIA.PK) reported revenues for the third quarter ended October 29, 2011 increased 6% to $791 million.  The company reversed a year ago net loss and reported net income of $595 thousand or $0.01 per share compared to a net loss of $4.2 million or $(0.09) per share during the same period in 2010.

For the nine month period ended October 29, 2011, the company reported revenues increased 5.7% to 2.5 billion.  Net income for the period improved nearly 77% to $57.5 million or $1.26 per share versus $32.6 million or $0.69 per share during the same period in 2010.

The company maintains a strong balance sheet with current assets of $1.5 billion, total assets of $2.61 billion and total liabilities of only $1.5 billion.

In May of 2011, the company completed a tender offer to purchase up to 2.2 million shares of common stock at a price of $33.70 per share.  The company accepted for purchase 1,353,607 shares of Class A and 278,335 shares of Class B common stock for $55 million.

Belk, Inc. is a mainline department store with 303 stores operating in 16 states located primarily in the southern United States.

Source: Belk, Inc.

Print Friendly

Previous post:

Next post: