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

At February 2, 2013, the Company operated 284 Dillard's locations and 18 clearance centers spanning 29 states and an Internet store at www.dillards.com. Total square footage at February 2, 2013 was 52.3 million.

Dillard’s, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In Millions, Except Per Share Data)
 

14 Weeks Ended

 

13 Weeks Ended

February 2, 2013

 

January 28, 2012
     
% of % of

Amount
Net Sales

Amount
Net

Sales
 
Net sales $ 2,106.3

100.0.
% $ 1,970.0

100.0.
%
Service charges and other income   47.8 2.3   41.7 2.1
2,154.1 102.3 2,011.7 102.1
 
Cost of sales 1,382.8 65.6 1,302.6 66.1
Advertising, selling, administrative and general expenses 474.9 22.5 440.8 22.4
Depreciation and amortization 65.6 3.1 64.8 3.3
Rentals 10.3 0.5 13.3 0.7
Interest and debt expense, net 17.5 0.8 17.6 0.9
Gain on litigation settlement - - 44.5 2.3
Gain on disposal of assets 10.2 0.5 0.1 0.0
Asset impairment and store closing charges 1.5 0.1 - -
Income before income taxes and income
on and equity in losses of joint ventures 211.7 10.1 217.2 11.0
Income taxes 50.5 76.1
Income on and equity in losses of joint ventures   0.2 0.0   0.4 0.0
Net income $ 161.4 7.7 % $ 141.5 7.2 %
 
Basic earnings per share $ 3.38 $ 2.82
Diluted earnings per share $ 3.36 $ 2.77
Basic weighted average shares   47.7   50.2
Diluted weighted average shares   48.0   51.1
 

Dillard’s, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In Millions, Except Per Share Data)
 

53 Weeks Ended

52 Weeks Ended

February 2, 2013
 

January 28, 2012
     
% of % of

Amount
Net Sales

Amount
Net

Sales
 
Net sales $ 6,593.2

100.0.
% $ 6,263.6

100.0.
%
Service charges and other income   158.4 2.4   141.9   2.3
6,751.6 102.4 6,405.5 102.3
 
Cost of sales 4,247.1 64.4 4,047.3 64.6
Advertising, selling, administrative and general expenses 1,671.5 25.4 1,630.9 26.0
Depreciation and amortization 259.6 3.9 257.7 4.1
Rentals 34.8 0.5 48.1 0.8
Interest and debt expense, net 69.6 1.1 72.1 1.2
Gain on litigation settlement - - 44.5 0.7
Gain on disposal of assets 12.4 0.2 4.0 0.0
Asset impairment and store closing charges   1.6 0.0   1.2   0.0
Income before income taxes and income
on and equity in losses of joint ventures 479.8 7.3 396.7 6.3
Income taxes (benefit) 145.1 (62.5 )
Income on and equity in losses of joint ventures   1.3 0.0   4.7   0.1
Net income $ 336.0 5.1 % $ 463.9   7.4 %
 
Basic earnings per share $ 6.98 $ 8.67  
Diluted earnings per share $ 6.87 $ 8.52  
Basic weighted average shares   48.1   53.5  
Diluted weighted average shares   48.9   54.4  
 

Dillard’s, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)
(In Millions)
   
February 2, January 28,
2013 2012
Assets
Current Assets:
Cash and cash equivalents $ 124.1 $ 224.3
Accounts receivable 31.5 28.7
Merchandise inventories 1,294.6 1,304.1
Other current assets   41.8   34.6
Total current assets 1,492.0 1,591.7
 
Property and equipment, net 2,287.0 2,440.3
Other assets   269.7   274.1
 
Total Assets $ 4,048.7 $ 4,306.1
 
Liabilities and Stockholders' Equity
Current Liabilities:
Trade accounts payable and accrued expenses $ 653.8 $ 655.7
Current portion of long-term debt and capital leases1.7 79.1
Federal and state income taxes including current
deferred taxes   111.6   135.6
Total current liabilities 767.1 870.4
 
Long-term debt and capital leases 622.3 623.9
Other liabilities 233.4 245.2
Deferred income taxes 255.7 314.6
Subordinated debentures 200.0 200.0
Stockholders' equity   1,970.2   2,052.0
 
Total Liabilities and Stockholders' Equity $ 4,048.7 $ 4,306.1
 

Dillard’s, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In Millions)
   

53 Weeks

Ended

February 2,

2013
  52 Weeks

Ended

January 28,

2012
Operating activities:    
Net income $ 336.0 $ 463.9
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization of property and deferred

financing cost

261.5

259.6
Deferred income taxes (61.7 ) (9.5 )
Gain on disposal of assets (12.4 ) (4.0 )
Asset impairment and store closing charges 1.6 1.2
Excess tax benefits from share-based compensation (49.9 ) (10.2 )
Gain on repurchase of debt - (0.2 )
Changes in operating assets and liabilities:
Increase in accounts receivable (2.8 ) (2.8 )
Decrease (increase) in merchandise inventories 9.5 (14.0 )
(Increase) decrease in other current assets (7.2 ) 7.9
Decrease (increase) in other assets 7.9 (210.4 )
Increase (decrease) in trade accounts payable and accrued expenses and other liabilities

11.5

(18.0

)
Increase in income taxes payable     28.7       37.6  
Net cash provided by operating activities     522.7       501.1  
Investing activities:
Purchase of property and equipment (136.6 ) (115.6 )
Proceeds from disposal of assets 30.9 29.9
Distribution from joint venture     -       2.5  
Net cash used in investing activities     (105.7 )     (83.2 )
Financing activities:

Principal payments on long-term debt and capital lease obligations

(79.0

)

(56.8

)
Cash dividends paid (252.3 ) (10.0 )
Purchase of treasury stock (185.5 ) (491.1 )
Excess tax benefits from share-based compensation 49.9 10.2
Proceeds from stock issuance 6.3 10.8
Issuance cost of line of credit (5.4 ) -
Repurchase and retirement of common stock     (51.2 )     -  
Net cash used in financing activities     (517.2 )     (536.9 )
Decrease in cash and cash equivalents (100.2 ) (119.0 )
Cash and cash equivalents, beginning of period     224.3       343.3  
Cash and cash equivalents, end of period   $ 124.1     $ 224.3  
Non-cash transactions:
Accrued capital expenditures $ - $ 7.1
Stock awards 4.8 2.8
 

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