Belk Reports Comp Sales Up 3.5% For Q3

Belk, Inc. recently announced operating results for its fiscal third quarter, ended November 2, 2013. Net sales for the 13-week period increased 2.8% to $860.7 million compared to the prior-year period. Comparable store sales grew for the 15th consecutive quarter with a 3.5%  increase. The sales increase for the period resulted primarily from a continuation of strong eCommerce sales and execution of the company’s key strategies, according to Belk. 

Tim Belk, chairman and CEO of Belk, Inc., said, “Comparable sales grew 3.5% in the quarter, aided by colder weather and the investments we have made in the business, including store remodels, eCommerce and supply chain. November is the ‘go live’ month for a new technology platform which includes replacement of much of our IT infrastructure and a new merchandising system. In addition, we are testing technology to fulfill orders from stores to support our digital business, which grew 45 percent in the quarter. These investments will add expense and impact earnings over the next 18 months.”