Dillard's, Inc. (NYSE: DDS) (the "Company" or "Dillard's") announced operating results for the 13 and 52 weeks ended January 28, 2012. This release contains certain forward-looking statements. Please refer to the Company's cautionary statements regarding forward-looking information included below under "Forward-Looking Information".
Fourth Quarter Results
Dillard’s reported income for the 13 weeks ended January 28, 2012 of $141.5 million, or $2.77 per share. Included in net income for the 13 weeks ended January 28, 2012 is a $44.5 million pre-tax credit ($28.7 million after tax or $0.56 per share) related to the settlement of a lawsuit with JDA Software Group. Excluding this credit, the Company would have recorded net income of $112.8 million or $2.21 per share marking a record-setting fourth quarter earnings per share performance.
Other highlights of the 13 weeks ended January 28, 2012 included:
- A 3% increase in comparable store sales
- Control of advertising, selling, administrative and general expenses (“operating expenses”) which declined 40 basis points of sales
- Repurchase of $98.8 million (2.1 million shares) of Class A Common Stock
- $7.5 million proceeds received as final payment related to hurricane losses ($4.8 million after tax or $0.08 per share).
- a $2.2 million pretax gain on disposal of assets primarily related to the sale of three closed stores ($1.4 million after tax or $0.02 per share).
- a $6.5 million income tax benefit ($0.10 per share) primarily related to net decreases in unrecognized tax benefits, interest and penalties due to resolutions of federal and state examinations, decreases in state net operating loss valuation allowances, and a decrease in a capital loss valuation allowance.
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