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Dillard's, Inc. (DDS-NYSE) (the "Company" or "Dillard's") announced operating results for the 14 and 53 weeks ended February 2, 2013. The Company follows the retail 4-5-4 reporting calendar, which included an extra week in the fourth quarter of fiscal 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".
Highlights of the Company’s performance included:
A 30% increase in fourth quarter earnings per share compared to the prior year (excluding certain items described below)
A 3% increase in comparable store sales for the fourth quarter based upon comparable weeks, marking the Company’s 10 th consecutive quarterly comparable sales increase
Fourth quarter merchandise gross margin improvement of 40 basis points of sales
Cash flow from operations for the fiscal year of $522.7 million compared to $501.1 million for the prior year which made possible these actions for shareholders during the fourth quarter:
Payment of a special dividend of $5.00 per share on December 21, 2012
Repurchase of $23.4 million of Class A Common Stock
Fourth Quarter Results
Dillard’s reported net income for the 14 weeks ended February 2, 2013 of $161.4 million, or $3.36 per share. Included in net income is a net after-tax credit totaling $23.9 million ($0.50 per share) comprised of the following items:
a $6.8 million after-tax gain ($0.14 per share) related to the sale of a former retail store location
after-tax asset impairment and store closing charges of $1.1 million ($0.02 per share)
approximately $18.1 million ($0.38 per share) in tax benefit due to a one-time deduction related to dividends paid to the Dillard’s, Inc. Investment and Employee Stock Ownership Plan
Excluding these items, Dillard’s would have reported $137.6 million ($2.87 per share) for the 14 weeks ended February 2, 2013, marking a record-setting fourth quarter earnings per share performance and a 30% improvement over the prior year adjusted fourth quarter earnings per share.