Dillard’s, Inc. (NYSE: DDS) (the “Company” or “Dillard’s”) announced operating results for the thirteen weeks ended May 3, 2014. 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.”
Summary of the Company’s First Quarter Performance
- A 2% increase in comparable store sales
- Diluted earnings per share of $2.56 versus $2.50
- Cash flow from operations of $161.9 million versus $136.9 million
- Share repurchase of $65.9 million (0.7 million shares) of Class A Common Stock
Dillard’s Chief Executive Officer, William Dillard, II, stated, “We reported record earnings per share of $2.56 compared to $2.50. Our 2% comparable store sales increase marks our 15
consecutive quarter of positive sales. Additionally, we executed $65.9 million of share buyback as a result of our strong cash flow.”
First Quarter Results
Dillard’s reported net income for the 13-week period ended May 3, 2014 of $111.7 million ($2.56 per share) compared to net income of $117.2 million ($2.50 per share) for the 13 weeks ended May 4, 2013.
Included in net income for the prior year 13-week period ended May 4, 2013 is a net after-tax credit totaling $4.4 million ($0.09 per share) comprised of the following three items:
Net Sales – 13 Weeks
- A $7.6 million after tax gain ($0.16 per share) related to the sale of an investment
- A $1.0 million after tax credit ($0.02 per share) related to a pension adjustment
- After-tax asset impairment and store closing charges of $4.2 million ($0.09 per share)
Total merchandise sales for the 13-week period ended May 3, 2014 were $1.539 billion and $1.530 billion for the 13-week period ended May 4, 2013. Total merchandise sales increased 1%, and sales in comparable stores increased 2% for the first quarter.