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belk inc-cl b (BLKIB) Key Developments

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.

Belk Inc. Announces Management Changes

Belk Inc. named David Zant as the department store chain's president and chief merchandising officer. Zant, executive vice president and general merchandising manager of men's, home and kids, takes his new post on Aug. 11. Former president and merchandising officer Kathryn Bufano resigned to become CEO of The Bon-Ton Stores Inc. Zant will report to chairman and CEO Tim Belk.

Belk to Open New Store in Greensboro, North Carolina

Belk Inc. has announced the opening of a new Home store at 604 Green Valley Road in Greensboro, North Carolina. The company also announced the re-opening of its store at Friendly Center in Greensboro, North Carolina. The brand-new home department will celebrate its opening on July 25, while the main store that has undergone a complete renovation will re-open on October 15. The new store will allow Belk to expand its assortments of brand merchandise and greatly enhance the shopping environments for customers in the Triad area.

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.

 

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