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belk inc-cl b (BLKIB) Key Developments

Belk Inc. Announces Sales Results for the Nine Weeks Ended January 03, 2014

Belk Inc. announced sales results for the nine weeks ended January 03, 2014. For the period, sales were up 5.2% over the previous year, while same-store sales increased 4.8%. Holiday sales got off to a strong start through the Thanksgiving weekend with positive momentum continuing through December.

Belk Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 1, 2014

Belk Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended November 1, 2014. For the quarter, revenues were $859.5 million against $860.7 million a year ago. Operating loss was $0.8 million against operating income of $15.0 million a year ago. Loss before income tax was $12.2 million against income before income tax of $4.3 million a year ago. Net loss was $8.2 million against net income of $3.6 million a year ago. Net loss excluding non-comparable items was $8.5 million against income of $4.6 million a year ago. On a comparable store basis, negative net sales were 0.8%. For the nine months, revenues were $2,721.1 million against $2,716.0 million a year ago. Operating income was $99.1 million against $128.2 million a year ago. Income before income tax was $64.5 million against $95.6 million a year ago. Net income was $41.7 million against $62.2 million a year ago. Net income excluding non-comparable items was $40.9 million against $63.6 million a year ago. On a comparable store sales basis, negative sales were 0.1%.

Belk, Inc. Enters into Fourth Amended and Restated Credit Agreement

Belk Inc. and its subsidiaries entered into a fourth amended and restated credit agreement under which the company may borrow up to $500 million if certain conditions are satisfied. The new facility recast its existing $350 million senior unsecured revolving line of credit, dated November 22, 2010 by: increasing the size by $150 million to $500 million. Extending the maturity date from November 23, 2015 to October 22, 2019. Reducing the per annum variable interest rate spread and other fees. Providing for the expansion of the new facility by an additional $200 million for a total available of $700 million, subject to receipt of additional commitments from lenders and other customary conditions.

Belk Inc. Announces Unaudited Consolidated Financial Results for the Fiscal Second Quarter and Six Months Ended August 2, 2014

Belk Inc. announced unaudited consolidated financial results for its fiscal second quarter and six months ended August 2, 2014. Net sales for the 13-week period increased 0.8% to $906.5 million compared to the prior-year period. On a comparable store basis, net sales increased 0.6%. Second quarter net income increased 0.3% to $30.6 million compared to the same prior-year period. Net income excluding non-comparable items totaled $30.0 million compared to $30.9 million in the prior year period. Operating income was $58.8 million against $58.7 million a year ago. Income before income taxes was $47.1 million against $47.6 million a year ago. Year-to-date sales increased 0.3% to $1.86 billion compared to the same 26-week period last year. On a comparable store sales basis, sales increased 0.2%. Net income year-to-date was $49.9 million compared to $58.7 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. Operating income was $99.9 million against $113.2 million a year ago. Income before income taxes was $76.6 million against $91.3 million a year ago.

Belk Inc. Announces Executive Changes

Belk Inc. has appointed two of its executives to new management posts. The company has named Jan Clevenger as executive vice president and general merchandising manager of men's, home and kids. She has been chair of Belk's Western division, based in Birmingham, Ala., since March 2008. Clevenger joined Belk in 2000 and has held a number of different positions during her tenure. She will report to David Zant, who was recently named president and chief merchandising officer. Zant previously held Clevenger's new post. Belk also has promoted David Luoma to chair of Belk's Western division to succeed Clevenger. He joined Belk in 2011 as senior vice president and director of stores for the company's Southern division, based in Atlanta. Before that, Luoma held various positions for Macy's and May department stores in upstate New York and western Massachusetts.

 

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