BELK STORES REPORTS FISCAL YEAR RESULTS AND STRATEGIC INITIATIVES

Belk, with 297 stores in 16 Southern states, announced several key strategic initiatives for this year, to include increasing their store count, remodeling other stores and improving its e-commerce fulfillment center in Jonesville, S.C.

After reporting a holiday season sales increase of 5.2%, Belk finished its fiscal year on January 31 down 7.8% in net income to $146.1 million versus $158.5 million last year. “Despite challenges early in the year, we ended FY15 with strong holiday sales and are pleased to report our fifth consecutive year of positive comparable store sales,” CEO Tim Belk said. “Although our annual earnings continue to be impacted by additional expense associated with key strategic initiatives, fourth quarter net income rose 8.3 percent on a sales increase of 5%. We are encouraged by the recent trends and believe we are well positioned for the year ahead.”

Net sales totaled $4.11 billion, up 1.8% from $4.04 billion the year before. Same store sales climbed 1.5% and saw the highest growth rate in activewear, ladies contemporary, resort and bridge fashions. Ladies suits, men’s sportswear and juniors.

Source: Retailing Today