Belk earnings down 90% - Atlanta Business Chronicle:

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million. Revenue fell to $760.9 million in the latest quarterdfrom $817.3 million a year earlier. Sales at storee in operation for at least a yeardecreasef 7.7 percent. The company citexs continued weakness in consumerretailp spending. “First-quarter results were in line withour expectations,” says Tim chief executive. “Although results continue to reflecy theweakened economy, we have begun to see some stabilization in the operatingt environment, which is positive.
” He says the company’s balance sheef remains strong, with more than $250 millionn of cash at the end of the almost twice the amount of a year The department-store chain opened threed stores during the latest quarter in Georgia and On April 1, Belk’s board approved a self-tender offert to purchase up to 500,000 shares of commo n stock at $11.90 per share. On May 20, Belk acceptedr for purchase 241,664 shares of stock for $2.9 Belk is the nation’s largest privately owner department-store company. It operates 308 storess in 16 Southern states.