Store Information During the third quarter of 2012, the Company closed its Southpark Mall location in Colonial Heights, Virginia (85,000 square feet).

At October 27, 2012, 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 October 27, 2012 was 52.3 million.

 
 
 

Dillard’s, Inc. and SubsidiariesCondensed Consolidated Statements of Income (Unaudited)(In Millions, Except Per Share Data)
 
    13-Week Period Ended
 

October 27, 2012
 

October 29, 2011
   
% of % of

Amount

Net

Sales

Amount
Net

Sales
 
Net sales $ 1,449.6

100.0

%
$ 1,382.6

100.0

%
Service charges and other income   36.7 2.5   35.0   2.6
1,486.3 102.5 1,417.6 102.6
 
Cost of sales 919.6 63.4 881.1 63.7
Advertising, selling, administrative and general expenses 404.6 27.9 404.8 29.3
Depreciation and amortization 65.8 4.5 64.7 4.7
Rentals 7.6 0.5 11.2 0.8
Interest and debt expense, net 17.0 1.2 17.8 1.3
Gain on disposal of assets   1.0 0.0   1.5   0.1

Income before income taxes and income on and equity in losses of joint ventures
72.7 5.0 39.5 2.9
Income taxes (benefit) 24.2 (188.4 )
Income on and equity in losses of joint ventures   0.0 0.0     0.3   0.0  
Net income $ 48.5 3.3 % $ 228.2   16.5 %
 
Basic earnings per share $ 1.03 $ 4.38  
Diluted earnings per share $ 1.01 $ 4.31  
Basic weighted average shares   47.1   52.1  
Diluted weighted average shares   48.1   53.0  

 
 
 

Dillard’s, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In Millions, Except Per Share Data)
 
  39-Week Period Ended
 

October 27, 2012
 

October 29, 2011
   
% of % of

Amount

Net

Sales

Amount
Net

Sales
 
Net sales $ 4,486.9

100.0

%
$ 4,293.6

100.0

%
Service charges and other income   110.6 2.5   100.1   2.3
4,597.5 102.5 4,393.7 102.3
 
Cost of sales 2,864.3 63.8 2,744.6 63.9
Advertising, selling, administrative and general expenses 1,196.7 26.7 1,190.1 27.7
Depreciation and amortization 194.1 4.3 192.9 4.5
Rentals 24.5 0.5 34.8 0.8
Interest and debt expense, net 52.1 1.2 54.4 1.3
Gain on disposal of assets 2.2 0.0 3.8 0.1
Asset impairment and store closing charges   - -   1.2   0.0

Income before income taxes and income on and equity in losses of joint ventures
268.0 6.0 179.5 4.2
Income taxes (benefit) 94.5 (138.7 )
Income on and equity in losses of joint ventures   1.0 0.0     4.2   0.1  
Net income $ 174.5 3.9 % $ 322.4   7.5 %
 
Basic earnings per share $ 3.62 $ 5.90  
Diluted earnings per share $ 3.55 $ 5.80  
Basic weighted average shares   48.3   54.6  
Diluted weighted average shares   49.2   55.6  

 
 
 
Dillard’s, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)
(In Millions)
   
October 27, October 29,
2012 2011
Assets
Current Assets:
Cash and cash equivalents $ 124.8 $ 106.4
Restricted cash - 24.9
Accounts receivable 30.8 20.3
Merchandise inventories 1,722.4 1,756.5
Other current assets   66.6   63.1
Total current assets 1,944.6 1,971.2
 
Property and equipment, net 2,345.9 2,476.3
Other assets   268.9   269.6
 
Total Assets $ 4,559.4 $ 4,717.1
 
Liabilities and Stockholders' Equity
Current Liabilities:
Trade accounts payable and accrued expenses $ 1,028.2 $ 1,028.6
Other short-term borrowings 27.0 142.0
Current portion of long-term debt and capital leases 2.4 59.5

Federal and state income taxes including current deferred taxes
  80.0   68.9
Total current liabilities 1,137.6 1,299.0
 
Long-term debt and capital leases 622.5 644.5
Other liabilities 247.6 206.5
Deferred income taxes 282.3 333.1
Subordinated debentures 200.0 200.0
Stockholders' equity   2,069.4   2,034.0
 
Total Liabilities and Stockholders' Equity $ 4,559.4 $ 4,717.1

 
 
Dillard’s, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In Millions)
 
  39-week Period Ended
    October 27,

2012
  October 29,

2011
Operating activities:  
Net income $ 174.5 $ 322.4

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization of property and deferred financing cost

195.5

194.3
Gain on disposal of assets (2.2 ) (3.8 )
Gain on repurchase of debt - (0.2 )
Asset impairment and store closing charges - 1.2
Excess tax benefits from share-based compensation (2.4 ) (10.2 )
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable (2.0 ) 5.7
Increase in merchandise inventories (418.3 ) (466.4 )
Increase in other current assets (32.0 ) (20.5 )
Decrease (increase) in other assets 9.3 (205.5 )
Increase in trade accounts payable and accrued expenses and other liabilities

383.0

338.6
Decrease in income taxes payable     (85.5 )     (20.0 )
Net cash provided by operating activities     219.9       135.6  
Investing activities:
Purchase of property and equipment (111.9 ) (80.3 )
Distribution from joint venture - 2.5
Restricted cash - (24.9 )
Proceeds from disposal of assets     12.0       22.9  
Net cash used in investing activities     (99.9 )     (79.8 )
Financing activities:

Principal payments on long-term debt and capital lease obligations

(78.2

)

(55.8

)
Issuance cost of line of credit (5.4 ) -
Increase in short-term borrowings 27.0 142.0
Cash dividends paid (7.4 ) (7.5 )
Purchase of treasury stock (162.1 ) (392.4 )
Excess tax benefits from share-based compensation 2.4 10.2
Proceeds from stock issuance     4.2       10.8  
Net cash used in financing activities     (219.5 )     (292.7 )
Decrease in cash and cash equivalents (99.5 ) (236.9 )
Cash and cash equivalents, beginning of period     224.3       343.3  
Cash and cash equivalents, end of period   $ 124.8     $ 106.4  
Non-cash transactions:
Accrued capital expenditures $ 4.9 $ 6.8
Stock awards 2.8 2.8
 
 

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