Belk slides to Q3 loss on flat sales
- Q3 net loss US$8.2m, versus $3.6m profit
- Net sales down 0.1% to $859.5m
- Comparable store sales dip 0.8%
Flat sales and strategic investments sent fashion retail business Belk to a third-quarter loss, despite an encouraging rise in online sales.
Overall sales were flat, despite a 46% surge in e-commerce revenues, with best-performing categories including activewear, women’s contemporary and modern sportswear, and men’s and children’s apparel.
“The slowdown in sales, coupled with the increase in expense associated with our ongoing strategic investments, resulted in a year-over-year decline in profits,” said chairman and CEO Tim Belk.
“Our e-commerce business continues to show strong growth, and we were pleased with the opening of two new stores and three expanded and remodeled flagships in October.
“We believe we are well positioned for the holiday season and are encouraged by the prospects for an improved trend.”
- Will new Vietnam wage hinder competitiveness?
- Digitisation to drive new apparel-making models
- Under Armour Lighthouse will disrupt production
- Fashion fit for the future – strategies for speed
- How TAL Apparel is staying ahead of the game
- MAS Holdings shares commitment to sustainability
- Gap to shutter all UK Banana Republic stores
- Marks & Spencer top for modern slavery reporting
- M&S "unappealing" clothing a barrier to growth
- Modern Slavery Act boosts supply chain engagement
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020