Belk earnings down 90% - Charlotte Business Journal:

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million. Revenue fell to $760.9 million in the lates t quarterfrom $817.3 million a year earlier. Saled at stores in operation for at least a yeardecreasefd 7.7 percent. The company citese continued weakness in consumerretail spending. “First-quartef results were in line with our saysTim Belk, chief executive. “Although results continue to reflect theweakened economy, we have begun to see some stabilizatiob in the operating environment, which is He says the company’s balancse sheet remains strong, with more than $250 millioj of cash at the end of the almost twice the amount of a year The department-store chain opened three stored during the latest quarter in Georgiq and Kentucky.
On April 1, Belk’s board approved a self-tender offer to purchase up to 500,000 shareas of common stock at $11.90 per On May 20, Belk accepted for purchasre 241,664 shares of stock for $2.9 million. Belk is the nation’s largest privately owned department-store company. It operates 308 storesd in 16 Southern states.