belk inc-class a (BLKIA) Key Developments
Belk Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended May 2, 2015
May 29 15
Belk Inc. announced unaudited consolidated earnings results for the first quarter ended May 2, 2015. For the quarter, the company's net sales were $985.0 million, compared to $955.1 million in the prior year period. On a comparable store basis, net sales increased 3.3%. Net income was $21.8 million compared to $19.3 million in the prior-year period. Net income excluding non-comparable items totaled $24.6 million compared to $19.4 million in the prior year period. Operating income was $44.4 million against $41.0 million for the same period a year ago. Income before income taxes was $10.7 million against $10.2 million for the same period a year ago.
Belk Inc., Annual General Meeting, May 27, 2015
Apr 23 15
Belk Inc., Annual General Meeting, May 27, 2015., at 11:00 US Eastern Standard Time. Location: Mint Museum UPTOWN, 500 South Tryon Street. Agenda: To elect the nine Directors nominated by the board of directors to serve one-year terms; to approve, on an advisory basis, executive compensation of the named executive officers, often referred to as a say on pay ; to ratify the appointment of KPMG LLP as independent registered public accounting firm for fiscal year 2016; and to consider and act upon any other matters that may properly come before the meeting or any adjournment or postponement thereof.
Belk Considers Strategic Alternatives
Apr 2 15
Belk Inc. (OTCBB:BLKI.B) is exploring strategic alternatives. Belk said it had an obligation to consider whether there are alternatives to its current plans that would provide a better return for our stockholders. “As such, we are performing due diligence to carefully explore all options for our future,” the company stated. “As a part of that process, the company has engaged Goldman Sachs to assist us in identifying and evaluating those options. We expect to conclude our analysis in the next several months.”
Reportedly Belk Seeks Sale
Apr 2 15
Belk Inc. (OTCBB:BLKI.B) is exploring a sale option as per sources familiar with the matter stated. Macy's, Inc. (NYSE:M), Bon-Ton Stores Inc. (NasdaqGS:BONT), Nordstrom Inc. (NYSE:JWN) and large private equity firms are expected to be contacted by Belk to solicit their interest in a deal the people added. Belk has hired investment bank The Goldman Sachs Group, Inc. (NYSE:GS) to help it evaluate strategic alternatives, including a potential sale.
Belk Inc. Announces Consolidated Operating Results for the Fourth Quarter and Full Year Ended January 31, 2015; Announces Expansion Plans
Mar 27 15
Belk Inc. announced consolidated operating results for the fourth quarter and full year ended January 31, 2015. Net sales increased 5% to $1.39 billion compared to the prior year period. Fourth quarter net income increased 8.3% to $104.4 million compared to the same prior year period. The increase was primarily the result of a 5.2% increase in holiday sales for the nine week period ending January 3, 2015. Net income excluding non-comparable items totaled $107.7 million in the compared to $97.4 million in the prior year period. Operating income was $172.3 million compared to $160 million a year ago. Income before income taxes was $160.3 million compared to $148.2 million a year ago.
Net sales for fiscal 2015 totaled $4.11 billion, an increase of 1.8%, compared with net sales of $4.04 billion in fiscal 2014. Net income for the period totaled $146.1 million compared to $158.5 million in the prior year. The decrease was primarily the result of higher expenses associated with the company's investments in strategic initiatives during the period. Net income excluding non-comparable items totaled $148.4 million in fiscal 2015 compared to $161.0 million in the prior year period. Operating income was $271.4 million compared to $288.2 million a year ago. Income before income taxes was $224.8 million compared to $243.8 million a year ago.
In fiscal 2015, Belk announced the expansion of its eCommerce fulfillment center operations in Union County, SC, from 500,000 to 840,000-square-feet. The company invested approximately $33 million to up fit the building with additional processing and storage capabilities. This year, Belk will invest an additional $27.5 million to continue to build out capabilities. Belk expects to add approximately 50 new jobs by the end of 2016 in addition to the 170 jobs announced last year. Belk opened the center in 2012.