Charlotte, N.C. Belk reported Friday a 14.6% increase in its net income in the second fiscal quarter ended Aug. 1.
The retailer posted net income of $9.4 million for the period, up from $8.2 million a year earlier, attributed to increased cost-control measures and improved gross margins.
Total sales, however, fell to $760.3 million from $829.3 million a year earlier. Same-store stores decreased 9.4%.
“While sales results reflected a continued weakness in consumer spending for the period, we were pleased to deliver increased profitability and significantly improved cash position,” said Tim Belk, CEO.