Dillard’s reported net income for the prior year fourth quarter, the 13 weeks ended January 28, 2012, of $141.5 million, or $2.77 per share. Included in net income for the prior year fourth quarter is a net after-tax credit totaling $28.7 million ($0.56 per share) related to the settlement of a lawsuit. Excluding this credit, the Company would have recorded net income of $112.8 million ($2.21 per share) for the prior year fourth quarter.

Dillard’s Chief Executive Officer, William T. Dillard, II, stated, “We are pleased to report a strong finish to a very successful year at Dillard’s. Our positive sales performance and gross margin expansion combined with expense control drove strong cash flow throughout the year. As a result, we were pleased to return cash to shareholders in the form of a $5.00 special dividend during the fourth quarter. Additionally, we purchased $185.5 million of Class A Common Stock during the year. As we mark our 75 th year at Dillard’s this month, we are proud of our progress and excited about the future.”

Fiscal Year Results

Dillard’s reported net income for the 53 weeks ended February 2, 2013 of $336.0 million, or $6.87 per share. Included in net income is a net after-tax credit totaling $26.7 million ($0.55 per share) comprised of the following items:
  • after-tax gains of $7.4 million ($0.15 per share) related to the sale of three former retail store locations
  • after-tax asset impairment and store closing charges of $1.0 million ($0.02 per share)
  • approximately $1.7 million ($0.03 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
  • approximately $18.6 million ($0.38 per share) in tax benefit due to a one-time deduction related to dividends paid to the Dillard’s, Inc. Investment and Employee Stock Ownership Plan

Excluding these items, Dillard’s would have reported $309.3 million ($6.32 per share) for the 53 weeks ended February 2, 2013, marking a record-setting fiscal year earnings per share performance and a 50% improvement over prior year adjusted earnings per share.

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