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Belk grows web sales 70% in 2010
E-commerce accounts for about 1% of all revenue.
A big investment in technology boosted sales online for Belk Inc. last year.
For the year ended Jan. 29, Belk, a regional department store chain headquartered in Charlotte, NC, and No. 358 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 70% to $34.8 million in 2010 from $20.5 million in 2009.
- Total sales increased about 5.1% to $3.51 billion from $3.34 billion in 2009.
- Net income was $127.6 million compared with net income of $67.1 in 2009, an increase of 90.2%.
Based on Internet Retailer calculations, the web accounted for 1% of all revenue compared with 0.6% in the prior year.
Belk does not break out fourth quarter financials in its year-end earnings release, but the retailer, which operates 305 stores in 16 southern states, continues to invest heavily in new technology and the web. Belk began investing $150 million in 2010 to update its systems, including e-commerce.