Belk Inc. reversed a loss in the third quarter on strong sales on the heels of its acquisition of the Parisian chain of stores from Saks Inc. earlier this year.
For the quarter ended Oct. 28, net income was $23.1 million, which compares with a loss of $4.5 million during the same period a year ago. Net sales for the retailer rose 13.3 percent to $794.3 million from $701.3 million in the year-ago quarter.
For the nine months ended Oct. 28, earnings climbed 85.9 percent to $68.8 million from $37 million during the same period a year ago on sales that gained 21 percent to $2.3 billion from $1.9 billion.
For complete coverage see tomorrow’s issue of WWD.