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

Operating expenses declined 60 basis points of sales during the 53 weeks ended February 2, 2013 compared to the 52 weeks ended January 28, 2012. Operating expenses were $1,671.5 million (25.4% of sales) and $1,630.9 million (26.0%), respectively, for the 2012 and 2011 fiscal years.

Share Repurchase

During the 13 weeks ended February 2, 2013, Dillard’s repurchased approximately $23.4 million of Class A Common Stock (294,000 shares) at an average price of $79.69. During the fiscal year, the Company repurchased approximately $185.5 million (2.8 million shares) at an average price of $65.82. At February 2, 2013, $92.0 million of authorization remained under the Company’s share repurchase program.

Total shares outstanding (Class A and Class B Common Stock) at February 2, 2013 and January 28, 2012 were 47.8 million and 49.4 million, respectively.

Debt Maturities

During the year ended February 2, 2013, the Company made principal payments on long-term debt of $76.8 million consisting of the scheduled maturities of $55.4 million unsecured note (7.85%), a $20.4 million term loan (5.93%) and a $1.0 million mortgage note (9.25%). The Company has no note maturities until January of 2018.

Revolving Line of Credit

The Company maintains a $1.0 billion revolving credit facility (“credit agreement”) secured by the inventory of certain subsidiaries. No borrowings were outstanding under the credit agreement at February 2, 2013. Availability under the credit agreement at February 2, 2013 was $871.5 million. Letters of credit totaling $52.5 million were issued under the credit agreement at February 2, 2013 leaving unutilized availability of approximately $819 million.

Stock Options

During the fiscal year ended February 2, 2013, all stock options previously outstanding under the Company’s stock option plans were exercised. There are no outstanding stock options at February 2, 2013.

Store Information

During the fourth quarter of 2012, the Company announced the upcoming closure of its Cache Valley Mall location in Logan, Utah (94,000 square feet). The store is expected to close during the first quarter of 2013.

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