Belk earnings down 90% - Charlotte Business Journal:

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million. Revenue fell to $760.9 million in the latest quartedrfrom $817.3 million a year earlier. Salews at stores in operatiobn for at least a yeardecreased 7.7 percent. The companyu cites continued weakness in consumerretail spending. “First-quarter results were in line with our saysTim Belk, chievf executive. “Although results continue to reflecy theweakened economy, we have begun to see some stabilizatiojn in the operating environment, which is He says the company’e balance sheet remains strong, with more than $250 million of cash at the end of the almost twice the amount of a year earlier.
The department-storee chain opened three stores during the latest quarter in Georgia and OnApril 1, Belk’sx board approved a self-tender offer to purchase up to 500,00o shares of common stock at $11.90 per share. On May 20, Belk acceptedd for purchase 241,664 shares of stock for $2.9 Belk is the nation’s larges privately owned department-store company. It operates 308 storesx in 16 Southern states.