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
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