For the quarter ended May 3, the department store company posted net income of $19.3 million compared with $28.2 million a year ago. Net revenue was $955 million flat compared with the same quarter a year ago.
Comparable store sales were down 0.2%. Besides the flat sales, Belk’s expenses grew as the company invested in store remodels and expanding e-commerce capabilities.
Belk has a three year plan for as much as $700 million in spending on these improvements.
“Although the investments we are making in the Company will continue to impact our short term profitability, we are building a solid foundation for long term growth and success,” said CEO Tim Belk.
Online sales grew 42% at Belk, but remained a small part of the company’s overall revenue. Belk said online sales contributed 1.8% to the quarter’s comp sales. Belk also repurchased 1.96 million shares of its common stock for $94.3 million in a transaction completed on May 21.
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