Belk, Inc., announces operating results for its fiscal third quarter and nine months ended November 1, 2014
CHARLOTTE, NC, 2014-12-8 — /EPR Retail News/ — Belk, Inc., the nation’s largest family owned and operated fashion department store company, today announced operating results for its fiscal third quarter and nine months ended November 1, 2014.
Tim Belk, chairman and chief executive officer of Belk, Inc., said, “Third quarter sales were essentially flat, in line with most of the department store sector. The slowdown in sales, coupled with the increase in expense associated with our ongoing strategic investments, resulted in a year-over-year decline in profits. Our eCommerce business continues to show strong growth, and we were pleased with the opening of two new stores and three expanded and remodeled flagships in October. We believe we are well positioned for the holiday season and are encouraged by the prospects for an improved trend.”
Net sales for the 13-week period were $859.5 million, 0.1% below the prior-year period. On a comparable store basis, net sales were -0.8%. The best performing merchandise categories during the quarter included active wear across all categories, women’s contemporary and modern sportswear, men’s and kid’s apparel.
The company’s online sales from belk.com increased 46% for the period. The “Yes! We Have It” item locator program and store fulfillment of digital sales initiatives are contributing to this growth by providing customers with expanded access to the Company’s inventories.
Year-to-date sales increased 0.2 % to $2.72 billion compared to the same 39-week period last year. On a comparable store sales basis, sales were -0.1%. eCommerce sales grew 44% for the period.
Net Loss/Net Income
The company’s third quarter net loss was $8.2 million compared to net income of $3.6 million for the same prior-year period. Net income year-to-date was $41.7 million compared to $62.2 million for the same 39-week period last year. Excluding non-comparable items, the net loss for the quarter was $8.5 million compared to net income of $4.6 million for the prior year, and net income year-to-date was $40.9 million versus $63.6 million for the prior year. A reconciliation of net income to net income excluding non-comparable items is provided at the end of this release.
New Stores, Store Expansions and Remodels
Belk celebrated the opening of two new fashion stores on October 15, 2014 – at Juban Crossing in Denham Springs, LA and a new flagship store at Bridge Street Town Centre in Huntsville, AL. In addition, the company completed the expansion and remodels of two new flagship stores at Friendly Center in Greensboro, NC and Mount Pleasant Towne Centre in Mount Pleasant, SC and an existing flagship store at Riverchase Galleria in Hoover, AL.
Investments in Strategic Initiatives
Belk has planned investments totaling more than $700 million over a three-year period that began in fiscal 2014 for key strategic initiatives focused on:
- A comprehensive Omnichannel initiative that will enable Belk to connect seamlessly with customers regardless of where they are, offer multiple ways to provide what they want, enhance their in-store shopping experience, and create more personalized customer interactions;
- Creating compelling shopping environments and driving sales by investing in a flagship strategy, opening stores in existing and new markets, and expanding and remodeling existing stores and key merchandise departments;
- Supply chain initiatives that align distribution capabilities to maximize sales and service;
- Information technology that delivers new business capabilities for growth and profitability; and
- Excelling in customer service.
About Belk, Inc.
Charlotte, NC-based Belk, Inc. (www.belk.com) is the nation’s largest family owned and operated department store company with 300 Belk stores located in 16 Southern states and a growing digital presence. Its belk.com website offers a wide assortment of national brands and private label fashion apparel, shoes and accessories for the entire family along with top name cosmetics, a wedding registry and a large selection of quality merchandise for the home. Founded in 1888 by William Henry Belk in Monroe, NC, the company is in the third generation of Belk family leadership and has been committed to community involvement since its inception. In the fiscal year ended Feb. 1, 2014, the company and its associates, customers and vendors donated more than $20.9 million to communities within Belk market areas.
Belk offers many ways to connect via digital and social media, including Facebook, Pinterest, Twitter, Instagram, YouTube and Google Plus, and provides exclusive offers, fashion updates, sales notifications and coupons via email or mobile phone text messages. Customers can also download the latest Belk mobile apps for the iPad, iPhone or Android.
To provide clarity in measuring Belk’s financial performance, Belk supplements the reporting of its consolidated financial information under generally accepted accounting principles (GAAP) with the non-GAAP financial measure of “net income excluding non-comparable items.” Belk believes that “net income excluding non-comparable items” is a financial measure that emphasizes the Company’s core ongoing operations and enables investors to focus on period-over-period operating performance. It is among the primary indicators Belk uses in planning and operating the business and forecasting future periods, and Belk believes this measure is an important indicator of recurring operations because it excludes items that may not be indicative of or are unrelated to core operating results. Belk also excludes such items when evaluating company performance in connection with its incentive compensation plans. In addition, this measure provides a better baseline for modeling future earnings expectations and makes it easier to compare Belk’s results with other companies that operate in the same industry. Net income is the most directly comparable GAAP measure. The non-GAAP measure of “net income excluding non-comparable items” should not be considered in isolation or as a substitute for GAAP net income.
Certain statements made in this news release, and other written or oral statements made by or on behalf of the Company, may constitute forward-looking statements. Statements regarding future events and developments and the Company’s future performance, as well as our expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “intend,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “continue” or other similar words.
Forward-looking statements include information concerning possible or assumed future results from merchandising, marketing and advertising in our stores and through the Internet, general economic conditions, and our ability to be competitive in the retail industry, our ability to execute profitability and efficiency strategies, our ability to execute growth strategies, anticipated benefits from our strategic initiatives to strengthen our merchandising and planning organizations, anticipated benefits from our belk.com website and our eCommerce fulfillment center, the expected benefits of new systems and technology, and the anticipated benefits under our Program Agreement with GE Capital Retail Bank (“GECRB”). These forward-looking statements are subject to certain risks and uncertainties that may cause our actual results to differ significantly from the results we discuss in such forward-looking statements.
We believe that these forward-looking statements are reasonable. However, you should not place undue reliance on such statements. Any such forward-looking statements are qualified by the following important risk factors and other risks which may be disclosed from time to time in our filings that could cause actual results to differ materially from those predicted by the forward-looking statements. Forward-looking statements relate to the date initially made.
Risks and uncertainties that might cause our results to differ from those we project in our forward-looking statements include, but are not limited to:
• Economic, political and business conditions, nationally and in our market areas, including rates of economic growth, interest rates, inflation or deflation, consumer credit availability, levels of consumer debt and bankruptcies, tax rates and policy, unemployment trends, a health pandemic, catastrophic events, potential acts of terrorism and threats of such acts and other matters that influence consumer confidence and spending;
• Our ability to anticipate the demands of our customers for a wide variety of merchandise and services, including our predictions about the merchandise mix, quality, style, service, convenience and credit availability of our customers;
• Unseasonable and extreme weather conditions in our market areas;
• Seasonal fluctuations in quarterly net income due to the significant portion of our revenues generated during the holiday season in the fourth fiscal quarter and the significant amount of inventory we carry during that time;
• Competition from other department and specialty stores and other retailers, including luxury goods retailers, general merchandise stores, Internet retailers, mail order retailers and off-price and discount stores, in the areas of price, merchandise mix, quality, style, service, convenience, credit availability and advertising;
• Any significant damage to our brand or reputation which could negatively impact sales, diminish customer trust and generate negative sentiment;
• Our ability to prevent a security breach that results in the unauthorized disclosure of Company, employee or customer information;
• Loss of key management or qualified employees or an inability to attract, retain and motivate additional highly skilled employees;
• Our ability to successfully implement our new information technology platform that will impact our primary merchandising, planning and core financial process;
• Our ability to manage multiple significant change initiatives simultaneously;
• Our ability to effectively use advertising, marketing and promotional campaigns to generate high customer traffic in our stores and through online sales;
• Variations in the amount of vendor allowances received;
• Our ability to successfully operate our website, and our fulfillment facilities and manage our social community engagement by providing a broader range of our information online, including current sales promotions and special events;
• Our ability to successfully develop and maintain a relevant and reliable Omnichannel experience for our customers;
• Our ability to find qualified vendors from which to source our merchandise and our ability to access products in a timely and efficient manner from a wide variety of domestic and international vendors; and to deliver in a timely and cost-efficient manner;
• Increases in the price of merchandise, raw materials, fuel and labor or their reduced availability;
• The income we receive from, and the timing of receipt of, payments from GECRB, the operator of our private label credit card business, which depends upon the amount of purchases made through the proprietary credit cards, changes in customers’ credit card use, and GECRB’s ability to extend credit to our customers;
• Our ability to manage our expense structure;
• Our ability to continue to open new stores, or to remodel or expand existing stores, including the availability of existing retail stores or store sites on acceptable terms and our ability to successfully execute our retailing concept in new markets and geographic regions;
• Our ability to manage risks associated with owning and leasing real estate;
• The efficient and effective operation of our distribution network, and information systems to manage sales, distribution, merchandise planning and allocation functions;
• The effectiveness of third parties in managing our outsourced business;
• Changes in federal, state or local laws and regulations; and
• Our ability to comply with debt covenants, which could adversely affect our capital resources, financial condition and liquidity.
For a detailed description of the risks and uncertainties that might cause our results to differ from those we project in our forward-looking statements, we refer you to the section captioned “Risk Factors” in our annual report on Form 10-K for the fiscal year ended February 1, 2014 that we filed with the SEC on April 15, 2014. Our other filings with the SEC may contain additional information concerning the risks and uncertainties listed above, and other factors you may wish to consider. Upon request, we will provide copies of these filings to you free of charge.
Our forward-looking statements are based on current expectations and speak only as of the date of such statements.
For further information: Ralph Pitts, firstname.lastname@example.org, 704-426-8402
Casper expands virtual food hall model with Franklin Junction’s Host Kitchen® technology
GHENT, 14-Mar-2023 — /EuropaWire/ — Franklin Junction partners with Casper, a modern day food hall offering 100% virtual orders for takeout and delivery, to expand iconic American restaurant brands to Benelux and France. Franklin Junction founder, Rishi Nigam, and Casper founder, Matthias Laga, presented their expansion plans at the recent International Ghost Kitchen Conference in Amsterdam, Netherlands.
Franklin Junction has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2023 as they continue to deliver innovative technology solutions for restaurants in the US and now abroad. Leading the way with their proprietary Host Kitchen® model, Franklin Junction has grown into a full suite of solution services to empower restaurant success in the digital age. In 2022, Franklin Junction introduced its AI-powered digital food hall that allows consumers to order food and earn loyalty from multiple concepts in a single transaction and delivery.
“As industry leaders driving the growth of American restaurant brands in new markets, we have received a tremendous amount of interest to expand to the European market for a few years now,” shares Franklin Junction CEO Rishi Nigam. “After getting to know Matthias and the entire Casper team over the past year, we have full confidence that they are a trusted partner to expand globally with and we’re thrilled to bring iconic American fare to new diners across Europe.”
Casper launched in Ghent, Belgium and raised €5 million for their Series A in 2022 with the objective of creating a hybrid restaurant and food hall model where customers can walk-in to place orders for takeout or order through digital channels for delivery. In just a short time, Casper has expanded to over 10 locations in Belgium, the Netherlands, and France, with an expansion goal of 50 kitchens by 2024.
“We’re very excited to partner with Franklin Junction and begin by introducing Nathan’s Famous’ authentic New York flavors to our European customers in the coming weeks,” states Matthias Laga, Co-founder and CEO of Casper. “Franklin Junction uniquely understands restaurants, multi-concept food halls, and restaurant eCommerce and their proprietary processes are extremely virtuous for all stakeholders.”
coop & spree launches a retail, business, and sports podcast called coop convos
The Retailer will interview CEOs, influencers, and professional athletes on a weekly basis
New York, New York, USA, 2022-Dec-23 — /EPR Network/ — coop & spree, the New York City based contemporary retailer, has launched a podcast called coop convos, which is all things business, retail, sports and wellness. Coop convos is hosted by coop & spree CEO and founder, Brooke S. Richman, who will interview various business leaders, tastemakers, and influencers in their aforementioned industries. Since Richman is an avid New York Knicks Fan (the Spree in coop & spree comes from her childhood pup’s name which paid homage to former Knick, Latrell Sprewell), she’s even interviewed and secured some former NBA stars.
The Podcast is available on over 10 platforms, and the first episode will likely air February 1st, 202 depending on the rifting process. To date, Richman has secured over 35 prestigious guests and has already recorded episodes with Stephanie Gottlieb, founder of Stephanie Gottlieb Fine Jewelry, Dale Stabler, wellness entrepreneur and co-founder of Sweats + The City, co-founder of the Orro + Theheard apps, and Allan Houston, the 2x NBA All-Star for the New York Knicks, Olympic Gold Medalist, and founder of FISLL,
Notable confirmed guests include Emily Faith Strauss, founder and designer of EF Collection, Helen Hall-Leland, CEO of Blender Bombs and Hustle Smoothie Bar, Alexa Leigh Meyer Mufson, founder and designer of Alexa Leigh, and John Wallace, former NBA star, current investor, philanthropist and New York Knick radio host.
During the start of the pandemic in March 2020, Richman moved temporarily from her NYC apartment to her childhood home in Greenwich, CT, where she learned how to code and created her e-comm website, coopandspreevip.com. Since her Elizabeth Street store in NYC was closed due to the pandemic, she had all her vendors ship her orders to her CT home where she fulfilled them. When she wasn’t opening new merchandise or packaging her clients’ orders, she would use Instagram live as a way to engage with her coop & spree audience, since she no longer could interact with them in person. She decided to start interviewing different designers and influencers, many of whom she knew and many of whom she had never met, and she absolutely loved it. So did her audience. It turned into a weekly tradition and the rest, as they say, is history. Not only did these weekly IG TV “interviews” create much needed connection at a time of unprecedented isolation, but also, they provided Richman, and coop & spree, with a new way of engaging with both customers and vendors.
Coop convos has the same format as Richman’s IG lives, where Richman focuses on each guest’s career path and personal story, in a relaxed format, that seems less like an interview and more like two old friends catching up. While the Podcast’s main goal is to provide valuable and informative insights and resources to those specifically interested in entrepreneurship, retail, sports, and wellness, Richman promises it’s also filled with lighthearted banter and just the right number of laughs.
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ABOUT COOP & SPREE
coop & spree, the brainchild of founder and CEO Brooke S. Richman, first opened in August 2014 in downtown New York City’s Nolita neighborhood as a multi-brand contemporary women’s apparel, accessory, and jewelry boutique. While it was solely brick-and-mortar by design when it opened, coop & spree had to pivot during the COVID-19 pandemic and is now a full-fledged omni-channel retailer with over 70 brands. It operates both a physical store in New York City’s NoHoc neighborhood, via appointment only, and has an e-commerce shopping site. In addition to selling women’s contemporary apparel, accessories, and jewelry, coop & spree has expanded its product offering to include an extensive assortment of children’s apparel and accessories, health and wellness products, paper goods, novelty items and more. coop & spree was just listed this month as a winner on the Inc. Magazine’s Best of Business 2022 list in the “Lean and Mean” category due to its unwavering commitment to philanthropy, specifically to NYC based non-profits which help underprivileged youths in NYC. It’s been featured in publications such as Women’s Wear Daily, The New York Times, US Weekly, Huffington Post, Business Insider and more.
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ContactPigeon expands in Cyprus and sponsors the 14th e-Commerce Conference
NICOSIA, Cyprus, 2022-Sep-28 — /EPR Network/ — ContactPigeon, one of the leading omnichannel customer engagement platforms for retailers in Europe and the USA, expands its operations in Cyprus. By building up a special team of professionals that will be based in the neighboring country, ContactPigeon will be providing its customer engagement services to its cross-industry clients that are operating there. With this expansion, the Greek startup aims to consolidate its reach to the thriving Cyprus market.
Furthermore, ContactPigeon becomes an official sponsor for the 14th e-Commerce Conference that took place in Nicosia, Cyprus on the 20th of September 2022.
The E-Commerce Conference by IMH is a benchmark for the e-commerce industry in Cyprus. With industry experts as keynote speakers and leading businesses as sponsors and participants, the conference presents the upcoming, international trends in the e-commerce sector as well as case studies that provide attendees with valuable knowledge and insights. The 14th E-Commerce Conference is addressed to entrepreneurs, Commercial Managers, Marketing & Communication and advertising professionals, Digital Managers, and also those who are interested to start operating in the e-Commerce sector.
This year, the participants had the opportunity to meet with ContactPigeon members at its booth and learn about the company’s activities and the benefits of its omnichannel customer engagement platform.
ContactPigeon empowers marketing leaders and business owners with the only omnichannel customer engagement platform built for retailers. The platform is designed to deliver perfectly timed and personalized messages for each customer, regardless of whether the point of contact is offline or online. The company has been awarded numerous industry awards and distinctions since 2015 and is also a member of the Pledge 1% corporate philanthropy movement. Its client base consists of hundreds of retailers in Europe and the USA such as Fujitsu, Tommy Hilfiger, GAP, and L’OREAL.
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