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belk inc-cl b (BLKIB) Key Developments

Belk Inc. Announces Unaudited Consolidated Earnings Results for the Year Ended February 1, 2014

Belk Inc. announced unaudited consolidated earnings results for the year ended February 1, 2014. For the year, net income fell nearly 16% to $158.5 million that's down from $188.4 million in fiscal 2013. Net sales were $4.04 billion, up 2.1% from $3.96 billion the previous year. Operating income was $288.2 million against $339.9 million a year ago. Income before income taxes was $243.8 million against $290.5 million a year ago.

Belk Inc. Declares Regular Dividend

Belk Inc.'s board of directors declared a regular dividend of $0.80 per share for stockholders of record on March 26, 2014.

Belk Inc. Unveils New Brand Crown & Ivy Designed for the Busy Modern, Southern Woman

Belk Inc. has just debuted Crown & Ivy, a new and exclusive line of women's clothing inspired by feminine grace and Southern charm. This lifestyle brand is perfect for the modern, Southern woman and is full of vivid, fresh and chic pieces that can be mixed and matched in countless combinations to help busy women achieve effortless everyday style. Crown & Ivy is available in all 299 Belk locations throughout 16 Southeastern states as well as through belk.com. Crown & Ivy is built upon a foundation of everyday day separates that can be mixed and matched depending on the customer's individual style. Statement pieces of this vibrant collection include; Basic tanks and tees in flattering fits and a variety of springtime colors ($20 to $32); Button-down everyday shirts in fun prints and patterns that can be dressed up or down ($50); dresses in on-trend patterns and shapes that are perfect for brunch, afternoon tea or a dinner date ($89); classic and versatile cardigans in several colors to layer over dresses and tanks ($58) and perfectly tailored bottoms that can be mixed and matched with any of the tops ($40-58). The brand will also includes collections for both Petites and Plus departments. More styles and colors will be added to Crown & Ivy throughout Summer and into Fall 2014.

Belk Inc. to Open $7 Million Department Store in High Point

Belk Inc. will open its new $7 million department store in High Point. The 75,000-square-foot store is at the Palladium at Deep River Shopping Center. The Palladium store will offer company's latest design, both inside and out. The exterior will have a large monolithic black granite slab that provides a backdrop for company's multi-petal logo sign and a blue metal canopy. The vestibule and entrance are accented with natural stone, and the entrance is complemented by custom landscaping and seating areas. The store will carry an expanded assortment of premium and national brands as well as Belk private-label brands. The interior incorporates company's latest design, lighting, presentation and decor. That include fixtures in departments such as fragrances, fashion jewelry and sunglasses to make shopping easier and more convenient. The ladies and men's fitting rooms were enhanced to provide customer comfort. The ladies shoe department will be more than 6,500 square feet.

Belk Inc. to Invest $12.6 Million in Nashville Store

Belk Inc. announced that it is investing $12.6 million to transform its Nashville, Tenn. It will expand its presence at the CoolSprings Galleria to 185,000 square feet through a series of renovations and expansion projects. Belk's concept aims to enhance the shopping experience for customers, while offering expanded merchandise options and an increased number of premium brands. This project will expand Belk's existing two-level store at the Galleria, including the women's apparel, shoes, cosmetics and accessories such as handbags and fashion jewelry departments. The ladies shoe department will more than double in size. Open display fixtures will enhance merchandise presentation and make it easier for customers to locate items such as accessories, jewelry and cosmetics. Belk's home merchandise departments also will be expanded and relocated to an 18,000-square-foot space within the main store. Those operations are currently located in two shops in the mall. Belk also will open a 50,000-square-foot men's and kids' store on the first level of the mall. That construction will start in October and be completed by March 2015.

 

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