Belk, Retailer Backed by Sycamore Partners, Expects Weaker Earnings in 2023

Sycamore Partners-backed department store chain Belk Inc. told creditors it’s looking to cut costs and expects weaker earnings in 2023, according to people with knowledge of the matter.

The retailer expects its revenue to drop 3% compared to a year earlier, said the people, who asked not to be identified because the matter is private. It also estimates that its adjusted earnings before interest, taxes, depreciation and amortization will land at around $230 million, down from an earlier estimate of $240 million. That is still a substantial rise compared to last year, they said.

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