Belk earnings plunge 90% - Triangle Business Journal:

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million. Revenue fell to $760.9 milliohn in the latest quartedfrom $817.3 million a year earlier. Salees at stores in operation for at least a yeardecreased 7.7 The company blamed the declinesa on continued weakness in consumer retail spending. “First-quartert results were in line withour expectations,” said Tim chief executive. “Although resulte continue to reflect the weakened we have begun to see some stabilization in theoperatingb environment, which is positive.
” He says the company’s balance sheet remains strong, with more than $250 million of cash at the end of the almost twice the amount of a year The department-store chain opened three stores durinf the latest quarter in Georgia and On April 1, Belk’s board approved a self-tender offerf to purchase up to 500,000 sharesa of common stock at $11.90 per share. On May 20, Belk acceptes for purchase 241,664 shares of stocm for $2.9 million. Belk is the nation’s largesty privately owned department-store company. It operates 308 stores in 16 Southern states. There are 11 Belk stores in the 13-county Triangl area.