BELK INC

CIK:0001051771|SEC Filings

Condensed Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Income Statement [Abstract]
Revenues	$ 917,428	$ 906,453	$ 1,902,407	$ 1,861,596
Cost of goods sold (including occupancy, distribution and buying expenses)	618,183	604,926	1,283,684	1,251,044
Selling, general and administrative expenses	270,724	243,754	545,971	511,510
Gain on sale of property and equipment	653	1,153	1,324	1,740
Asset impairment and exit costs	1,154	110	1,610	898
Operating income	28,020	58,816	72,466	99,884
Interest expense, net	(10,611)	(11,700)	(22,554)	(23,242)
Income before income taxes	17,409	47,116	49,912	76,642
Income tax expense	2,912	16,514	13,615	26,716
Net income	$ 14,497	$ 30,602	$ 36,297	$ 49,926
Basic net income per share	$ 0.37	$ 0.77	$ 0.92	$ 1.24
Diluted net income per share	$ 0.37	$ 0.77	$ 0.92	$ 1.23
Weighted average shares outstanding:
Basic	39,384,830	39,625,262	39,345,750	40,355,057
Diluted	39,462,037	39,653,445	39,455,376	40,456,784

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Aug. 01, 2015	Aug. 02, 2014
Cash flows from operating activities:
Net income	$ 36,297	$ 49,926
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairment and exit costs	1,610	898
Deferred income tax (benefit) expense	(1,594)	951
Depreciation and amortization expense	84,877	73,921
Stock-based compensation expense	9,122	2,603
Gain on sale of property and equipment	(9)	(425)
Amortization of deferred gain on sale and leaseback	(1,315)	(1,315)
Amortization of deferred debt issuance costs	243	360
(Increase) decrease in:
Accounts receivable, net	2,354	(277)
Merchandise inventory	16,509	28,793
Prepaid income taxes, expenses and other assets	(20,166)	(10,148)
Increase (decrease) in:
Accounts payable and accrued liabilities	14,219	(24,991)
Accrued income taxes	(26,780)	(8,459)
Retirement obligations and other liabilities	1,223	800
Net cash provided by operating activities	116,590	112,637
Cash flows from investing activities:
Purchases of property and equipment	(87,097)	(112,280)
Proceeds from sales of property and equipment	117	772
Net cash used by investing activities	(86,980)	(111,508)
Cash flows from financing activities:
Principal payments on long-term debt and capital lease obligations	(105,317)	(4,178)
Repurchase and retirement of common stock		(94,325)
Dividends paid	(31,497)	(32,964)
Stock compensation tax benefit	455	357
Cash paid for withholding taxes in lieu of stock-based compensation shares	(3,321)	(6,349)
Net cash used by financing activities	(139,680)	(137,459)
Net decrease in cash and cash equivalents	(110,070)	(136,330)
Cash and cash equivalents at beginning of period	294,359	295,334
Cash and cash equivalents at end of period	184,289	159,004
Supplemental disclosures of cash flow information:
Income taxes paid	53,584	35,107
Interest paid, net of capitalized interest	13,871	13,682
Supplemental schedule of noncash investing activities:
Increase in property and equipment through accrued purchases	$ 7,380	8,467
Increase in property and equipment through assumption of capital leases		$ 23,130

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Aug. 01, 2015	Jan. 31, 2015
Current assets:
Cash and cash equivalents	$ 184,289	$ 294,359
Accounts receivable, net	58,221	60,575
Merchandise inventory	943,136	959,645
Prepaid income taxes, expenses and other current assets	38,782	27,323
Total current assets	1,224,428	1,341,902
Property and equipment, net of accumulated depreciation and amortization of $1,636,026 and $1,586,423 as of August 1, 2015 and January 31, 2015, respectively.	1,282,837	1,274,146
Other assets	46,003	38,443
Total assets	2,553,268	2,654,491
Current liabilities:
Accounts payable	293,709	277,212
Accrued liabilities	258,693	254,084
Accrued income taxes		26,780
Deferred income taxes	34,993	32,663
Current installments of long-term debt and capital lease obligations	5,662	108,736
Total current liabilities	593,057	699,475
Deferred income taxes	25,664	17,721
Long-term debt and capital lease obligations, excluding current installments	316,748	318,991
Retirement obligations and other noncurrent liabilities	239,893	256,558
Total liabilities	$ 1,175,362	$ 1,292,745
Stockholders' equity:
Preferred stock
Common stock, 400 million shares authorized and 39.4 and 39.3 million shares issued and outstanding as of August 1, 2015 and January 31, 2015, respectively.	$ 394	$ 393
Paid-in capital	102,197	94,877
Retained earnings	1,433,694	1,428,894
Accumulated other comprehensive loss	(158,379)	(162,418)
Total stockholders' equity	1,377,906	1,361,746
Total liabilities and stockholders' equity	$ 2,553,268	$ 2,654,491