belk inc-cl b (BLKIB) Key Developments
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.
Belk Inc. Declares Dividend for the Fiscal Year Ended Jan. 31, 2015
Mar 27 15
Belk Inc.'s board of directors declared a regular dividend of 80 cents per share for stockholders of record on March 26.
Belk to Close Pineville Distribution Center, Cut 113 Jobs
Feb 19 15
Belk Inc. is preparing to shutter its distribution and fulfillment center in Pineville in September, a move that will eliminate 113 local jobs. The Charlotte-based retailer disclosed the planned closing in a Worker Adjustment and Retraining Notification, or WARN notice, with the N.C. Commerce Department. Belk will not renew its lease for the 259,000-square-foot facility on Nations Ford Road. Employees have been informed of those plans and will be able to relocate to Belk's Jonesville, S.C., distribution and fulfillment center if they choose.
Belk Inc. Announces Sales Results for the Nine Weeks Ended January 03, 2014
Jan 14 15
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.