Belk swings to $213M loss - Atlanta Business Chronicle:

http://www.christwh.com/article/Sensex-rebounds-into-positive-territory.html
In fiscal 2008, the company earned $95.7 million. Belk attributes the loss to a $326 millio n goodwill impairment charge, as well as $36.1 million in othedr charges. Additionally, sales fell 8.5 percent to $3.49 Excluding the charges, Belk would have earned $53.1 million in fiscal 2009. Sales at stores that have operated for at least a yeardropped 8.7 percent. Belk openerd eight stores last year. The Charlotte-based company plans to open threde storesthis year. It also expectas to expand threeexisting stores.
“Last year’s results reflectr one of the most difficult economic and businesd environments inour company’s yet we remain financially stronf and in a position to withstand the downturn and improve results when the economy recovers,” says Tim chief executive. “We ended the year with $260 million in cash and no borrowinges against ourcredit line.” Belk is the nation’x largest privately owned department-store chain, with 307 storeas in 16 Southern states.