Charlotte-based department store company Belk Inc. said sales and profits both rose in its most recent quarter, despite what the company’s CEO called a “softening retail environment.”
Belk said Wednesday that sales were up 3.6 percent from the same quarter last year, to $899.5 million. Profits rose 11.3 percent, to $30.5 million.
Chief executive Tim Belk said the company is seeing a return on investments it has made, such as increasing its e-commerce capacity.
“Although we continue to see a softening retail environment, we are pleased to report another quarter of sales and earnings growth driven in part by the investments we are making in the business,” said Belk, in a statement.
Sales at stores open for a year or more, considered a key measure of a reatiler’s health, were up 3.2 percent. The company’s e-commerce sales were up 48.5 percent from the same quarter a year ago.
For the first six months of Belk’s fiscal year, however, Belk’s profits were down 13 percent, to $58.7 million. Belk said the expense of its investments in the business and a lower profit margin rate were to blame.
Portillo: 704-358-5041 On Twitter @ESPortillo
The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.
Have a news tip? You can send it to a local news editor; email email@example.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.Read moreRead less