Dillard’s, Inc. Reports Record Third Quarter Earnings Per Share

Dillard’s Chief Executive Officer, William T. Dillard, II, stated, “Driven by a strong 5% sales increase, we were able to double our earnings per share for the third quarter on top of a record performance last year (after non-routine items). We are pleased with our gross margin improvement and expense control during the quarter as well as with our ending inventory level. We are entering the holiday season confidently based on these strong results and we look forward to serving our customers at the highest possible level in the coming weeks.”

39-Week Results Dillard’s reported pretax income for the 39 weeks ended October 27, 2012 of $268.0 million, a 49% increase over the pretax income for the 39 weeks ended October 29, 2011 of $179.5 million.

Dillard’s reported net income for the 39 weeks ended October 27, 2012 of $174.5 million, or $3.55 per share. Included in net income are the following items:

• a $0.7 million after tax gain ($0.01 per share) related to the sale of two former retail store locations
• approximately $1.7 million ($0.03 per share) in tax benefit due to the reversal of a valuation allowance related to a deferred tax asset consisting of a capital loss carryforward

Excluding these items, Dillard’s would have reported $172.1 million ($3.51 per share) for the 39 weeks ended October 27, 2012.

Dillard’s reported net income for the prior year 39-week period ended October 29, 2011, of $322.4 million, or $5.80 per share. Included in net income for the prior year 39-week period is a net after-tax credit totaling $205.8 million ($3.90 per share) comprised of the following items:

• approximately $201.6 million ($3.81 per share) in tax benefit due to the reversal of a valuation allowance related to a deferred tax asset consisting of a capital loss carryforward
• a $0.9 million after tax gain ($0.02 per share) related to the sale of two former retail store locations
• a $2.7 million after tax gain ($0.05 per share) related to a distribution from a mall joint venture
• a $1.4 million after tax gain ($0.03 per share) relating to the sale of an interest in a mall joint venture
• asset impairment and store closing charges of $0.8 million after-tax ($0.01 per share)

Excluding this net after-tax credit, the Company would have recorded net income of $116.6 million ($1.90 per share) for the prior year 39-week period. Excluding all non-routine items, Dillard’s earnings per share for the 39 weeks ended October 27, 2012 increased 85% compared to the prior year 39-week period.

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