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As of 8:10 PM 06/5/14 All times are local (Market data is delayed by at least 15 minutes).

belk inc-cl b (BLKIB) Key Developments

Belk Inc. to Expand Union County E-Commerce Distribution Center

Belk Inc. is expanding its Union County e-commerce distribution and fulfillment center operations for the second time since establishing there in mid-June 2012. The $47 million investment will expand the facility footprint by 50% and add 20 new jobs, which will grow the company's Jonesville presence to 314 employees. The expansion, which is expected to be completed in January 2015, will add more than 345,000 square feet of newly constructed space to the 515,000-square-foot building. The Jonesville facility, located at 3805 Furman L. Fendley Highway, was recently acquired by CPA:18 - Global, a non-traded REIT affiliate of global real estate investment trust W.P. Carey Inc. and is being leased to Belk. Belk and CPA:18 - Global will invest a collective $47 million, which includes funding for construction and to up fit the facility with equipment such as conveyor systems, racking and automation. The company announced in December its intention to hire an additional 170 personnel by the end of 2015, and this expansion grows those expectations to add another 20 jobs. Those interested in employment opportunities with the company may visit Belk's careers page and search for positions in Jonesville, S.C.

Belk Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended May 3, 2014

Belk Inc. announced unaudited consolidated earnings results for the first quarter ended May 3, 2014. For the quarter, the company reported net income fell nearly 32% to $19.3 million against $28.2 million a year ago. The decrease was primarily the result of higher expenses associated with the company's investments in strategic initiatives during the period. Revenue dipped slightly to $955.1 million in the latest quarter from $955.8 million a year ago. The department store chain attributes the earnings decline to higher expenses associated with investments in strategic initiatives. Operating income was $41.0 million compared with $54.5 million a year ago. Income before income taxes was $29.5 million compared with $43.7 million a year ago. Net income excluding non-comparable items totaled $19.4 million compared to $28.4 million in the prior year period.

Belk Teams Up with Dallas Cowboys Cheerleaders on Three-Year Deal

Belk Inc. signed a three-year agreement with the Dallas Cowboys Cheerleaders. The deal includes endorsements, appearances and co-branded marketing initiatives. Financial terms of the agreement weren't disclosed.

Belk and Cynthia Rowley Announces New Collection

Belk Inc. introduced CYNTHIA Cynthia Rowley for the home. This exclusive collection is a fresh mix of artistic prints and bright colors combined in unexpected ways and is destined to rejuvenate customer decor. These home items add to the already diverse offering of exclusive women's clothing, accessories, handbags and shoes currently available under the CYNTHIA Cynthia Rowley brand at select Belk stores and on belk.com. CYNTHIA Cynthia Rowley for the home is available exclusively in 70 Belk locations.

Belk Inc., Annual General Meeting, May 28, 2014

Belk Inc., Annual General Meeting, May 28, 2014., at 11:00 US Eastern Standard Time. Location: Mint Museum UPTOWN. 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 2015, and to consider and act upon any other matters that may properly come before the meeting or any adjournment or postponement thereof.

 

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Price/Sales 0.5x
Price/Book 1.6x
Price/Cash Flow 13.4x
TEV/Sales 0.3x
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