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Dillard’s, Inc. Reports Record Fourth Quarter And Fiscal Year Results

Dillard’s reported net income for the prior year 52-week period ended January 28, 2012, of $463.9 million, or $8.52 per share. Included in net income for the prior year 52-week period is a net after-tax credit totaling $234.5 million ($4.31 per share) comprised of the following items:

  • approximately $201.6 million ($3.70 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 $28.7 million after-tax gain ($0.53 per share) related to the settlement of a lawsuit
  • 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 $229.4 million ($4.21 per share) for the prior year 52-week period.

Net Sales – Fourth Quarter

Net sales for the 14 weeks ended February 2, 2013 were $2.106 billion and $1.970 billion for the 13 weeks ended January 28, 2012. Net sales include the operations of the Company’s construction business, CDI Contractors, LLC (“CDI”).

Total merchandise sales (which exclude CDI) for the 14-week period ended February 2, 2013 were $2.087 billion and $1.946 billion for the 13-week period ended January 28, 2012. Total merchandise sales increased 7% for the 14-week period compared to the 13-week period. Based upon comparable weeks, total sales increased 2% and sales in comparable stores increased 3% for the fourth quarter.

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