Belk reports higher net income in fiscal 2011
Belk has reported higher net income for the fiscal year that ended Jan. 29.
The Charlotte-based department store company said net income increased 90.2 percent to $127.6 million, compared with $67.1 million the year before.
Belk said the increase primarily came from higher sales and improved margins.
Net sales for the year increased 5 percent to $3.51 billion from the previous year. On a comparable store basis, sales increased 5.1 percent.
Merchandise categories with the best sales performance for the year included shoes, cosmetics, men’s and home, Belk said.
Chairman and CEO Tim Belk called fiscal 2011 an “outstanding year.” Among other things, Belk’s rebranding, launched in the third quarter, helped sales grow, he said.