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Belk 1Q earnings increase

Belk said it had higher first-quarter net income than the same quarter a year ago.

The Charlotte-based department store chain reported $31.9 million in earnings, up from $24.3 million in the first quarter of 2010.

Belk said it had revenue in the recent first quarter of $848.6 million, up from $803.9 million in the year-ago quarter.

Belk said net sales for the recent first quarter increased 5.6 percent to $848.6 million compared with the same period last year.

The company has 304 stores located in 16 Southern states.

Belk also said Erskine Bowles was been elected to the company’s board of directors last week at Belk’s annual stockholders meeting in Charlotte. Tim Belk and John Townsend were re-elected to serve three-year terms.

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