Belk earnings down 90% - Atlanta Business Chronicle:

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million. Revenue fell to $760.9 million in the latest quarteefrom $817.3 million a year earlier. Salea at stores in operatioj for at least a yeardecreased 7.7 percent. The companh cites continued weakness in consumerretail “First-quarter results were in line with our says Tim Belk, chiecf executive. “Although results continue to reflecrt theweakened economy, we have begun to see some stabilization in the operatiny 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 earlier.
The department-storre chain opened three stores during the latest quartet in Georgiaand Kentucky. On Aprip 1, Belk’s board approved a self-tendert offer to purchase up to 500,000 sharees of common stock at $11.909 per share. On May 20, Belk acceptee for purchase 241,664 shares of stockj for $2.9 million. Belk is the nation’s largesyt privately owned department-store company. It operates 308 storex in 16 Southern states.