belk inc-class a (BLKIA) Key Developments
Lawsuit Claims Belk Inc. Store Fails to Meet Americans with Disabilities Act Standards
Sep 11 15
Belk Inc. is facing a lawsuit that claims one of the company's department stores in Lee County discriminated against a woman with multiple sclerosis by allegedly failing to provide facilities that comply with the Americans with Disabilities Act. In a recent complaint, Jackie Blue of Fayetteville claims the Belk store located in the Riverbirch Corner Shopping Center in Sanford includes 'architectural barriers' that have allegedly endangered her safety and made visiting the store difficult. Because of her illness, Blue requires the use of a wheelchair. The complaint cites a number of alleged ADA violations at the store. The store allegedly does not have the required 36-inch wide, wheelchair-accessible path to get into the store. The complaint claims the stores counters are all in excess of 36 inches high, which makes it difficult for her to access goods on the counters. The complaint also alleges the store's bathrooms have a number of features that do not comply with the ADA. Specifically, Blue claims the soap dispensers are too high, toilet handles are not mounted properly, the toilets were too low and the toilet stalls were not wide enough, nor do they have ADA compliant 'grab bars' that aid movement for disabled individuals. Blue also alleged pipes in the bathroom are not properly covered, which put her at risk of being burned. Blue is seeking an injunction requiring Belk to make all necessary changes to fix the alleged ADA violations. She is also seeking attorney's fees and unspecified damages. Riverbirch Corner's property manager, Genesis Property Management, is not named in the complaint. Genesis did not return calls seeking comment. She is represented by Christopher Lane, a solo practitioner in Clemmons, North Carolina.
Belk Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 1, 2015
Sep 8 15
Belk Inc. announced unaudited consolidated earnings results for the second quarter and six months ended August 1, 2015. Net sales for the 13-week period were $917.4 million, compared to $906.5 million in the prior year period. On a comparable store basis, net sales increased 1.2%. The strongest merchandise categories were men's and women's apparel, especially active wear, across all areas. Second quarter net income totaled $14.5 million compared to $30.6 million in the prior-year period. Net income excluding non-comparable items totaled $21 million compared to $30 million in the prior year period. Operating income was $28.0 million against $58.8 million a year ago. Income before income taxes was $17.4 million against $47.1 million a year ago.
Year-to-date sales increased 2.2% to $1.90 billion compared to the same 26-week period last year. On a comparable store sales basis, sales increased 2.3%. Net income year-to-date was $36.3 million compared to $49.9 million for the same 26-week period last year. The decrease was due primarily to higher expense associated with the company's investments in strategic initiatives and exploration of a sale. Net income excluding non-comparable items was $44.9 million versus $49.4 million for the same prior-year period. Operating income was $72.5 million against $99.9 million a year ago. Income before income taxes was $49.9 million against $76.6 million a year ago.
Belk to Launch Store at Bel Air in Mobile
Jul 23 15
Rouse Properties reported it has signed a lease with Belk to open a new 237,000-square-foot store at The Shoppes at Bel Air in Mobile, Alabama. In a release, the company noted that Belk will be taking the place of an existing Sears, and expanding on its already integral presence at The Shoppes at Bel Air. Rouse also announced it will commence a complete transformation of the center including the redevelopment of enclosed mall space into an engaging streetscape with retail and high-volume restaurant concepts fronting on Airport Boulevard.
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.