Belk, Inc., together with its subsidiaries, owns and operates department store business in the United States. As of February 1, 2014, the company owned and operated 299 stores in 16 states. Merchandising The merchandise mix is targeted to upper and middle income customers shopping for their families and homes, and includes a selection of fashion apparel, accessories, and shoes for women, men, and children, as well as cosmetics, home furnishings, housewares, gift and guild, jewelry, and other types of department store merchandise. Belk stores and belk.com offer various national brands. The company has long-term relationships with various top apparel and cosmetics suppliers, and is the sole distributor of desirable apparel, accessories, and cosmetic lines in its markets. Belk stores and belk.com also offer private brands in selected merchandise categories that are designed and manufactured to provide compelling fashion assortments that meet customers’ needs and set Belk apart from competitors through their styling, quality, and price. The company’s private brands include MADE Cam Newton, CYNTHIA Cynthia Rowley, Crown and Ivy, Chip & Pepper California, ND-New Directions, Kim Rogers, J. Khaki, Pro Tour, Saddlebred, Red Camel, Nursery Rhyme, Belk Silverworks, Be Inspired, Biltmore For Your Home, Home Accents, and Cook’s Tools. During the year ended February 1, 2014, the company introduced three new private brands, such as MADE Cam Newton, a modern menswear line; CYNTHIA Cynthia Rowley, a line of apparel, handbags, jewelry, scarves, accessories, and small leather goods; and Chip & Pepper California, a line by denim experts Chip and Pepper Foster featuring trend-setting, premium denim. The company’s newest private brand, launched in 2015, is Crown and Ivy, an updated sportswear line for women offered in stores and on belk.com. Belk stores and belk.com sell national brands of fashion apparel, shoes, and accessories for women, men, and children, as well as cosmetics, home furnishings, housewares, fine jewelry, gifts, and other types of quality merchandise. The company also sells private label brands, which offer customers differentiated merchandise selections. Larger Belk stores might include hair salons, spas, restaurants, optical centers, and other amenities. The company’s subsidiary, Belk Stores Services, Inc. and its subsidiary, Belk Administration Company, along with Belk International, Inc. (a subsidiary of the company) and its subsidiary, Belk Merchandising Company, LLC (collectively ‘BSS’), coordinate the operations of Belk stores on a company-wide basis. BSS provides a range of services to the Belk division offices and stores, such as merchandising, merchandise planning and allocation, advertising and sales promotion, information systems, human resources, public relations, accounting, real estate and store planning, credit, legal, tax, distribution and purchasing. Salons and Spas As of February 1, 2014, the company owned and operated salons and spas in 19 Belk locations that specialize in the latest trends in hair, spa, and relaxation services. The salons and spas offer assortments of brand name beauty products, including Aveda, Bumble and Bumble, Redken, and Pureology. The spas offer massage therapy, full skincare, manicure and pedicure services, and specialized body treatments. Eight of the salons and spas operate under the name ‘Carmen! Carmen! Prestige Salon and Spa at Belk’; two under the name ‘Richard Joseph Studio Salon/Spa at Belk’; and the balance under the name ‘Belk Salon and Spa’. Belk Gift Registry The company’s gift registry offers an assortment of bridal merchandise that could be registered for and purchased online at belk.com or in local Belk stores and shipped directly to the customer or gift recipient. Brides and engaged couples could create their gift registry and make selections through the belk.com Website, or they could go to a Belk store where a certified professional bridal consultant could provide assistance using the store’s online gift registry kiosk. In the Belk stores that have kiosks, brides, and engaged couples could use a portable scanning device, which enables them to enter information on their gift selections directly into the registry system. Non-Retail Businesses The company’s subsidiaries engage in businesses that indirectly or directly support the operations of the retail department stores. The non-retail businesses include United Electronic Services, a division of the company, which provides equipment maintenance services to Belk stores and third parties. Growth Strategy The company has focused its growth strategy on new stores, expanding and remodeling existing stores, developing new merchandising concepts in targeted demand centers, and expanding its online capabilities. In addition, in 2013, the company announced a strategy to expand the number of Belk primary locations. Trademarks and Service Marks Belk Stores Services, Inc. owns all of the principal trademarks and service marks used by the company, including ‘belk’. These marks are registered with the United States Patent and Trademark Office. The term of each of these registrations is 10 years. Seasonality The company’s revenues, and operating and net income are realized during the fourth quarter (year ending February 2014), which includes the holiday selling season. Working capital requirements also fluctuate during the year, increasing somewhat in mid-summer in anticipation of the fall merchandising season and increasing substantially prior to the holiday selling season when the company carries higher inventory levels. Competition The company’s primary competitors include Macy’s, Inc.; Dillard’s, Inc.; Nordstrom, Inc.; Kohl’s Corporation; Target Corporation; Sears Holding Corporation; TJX Companies, Inc.; Wal-Mart Stores, Inc.; J.C. Penney Company, Inc.; and Amazon.com, Inc. History Belk, Inc. was founded in 1888.
belk inc-class a (BLKIA:OTC US)
2801 West Tyvola Road
Charlotte, NC 28217
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