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Dillard's reports Q4 and 2010 earnings

By Press Releases
February 22, 2011 2:31 PM

Press Release:

 

LITTLE ROCK, Ark.--(BUSINESS WIRE)-- Dillard's, Inc. (NYSE:DDS - News) (the "Company" or "Dillard's") announced operating results for the 13 and 52 weeks ended January 29, 2011. 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".

 

Highlights of the 13 weeks ended January 29, 2011 included:

 

Earnings per share of $1.75 for the fourth quarter compared to $1.08 for the prior year fourth quarter. Net income was $109.6 million for the 13 weeks ended January 29, 2011 compared to $79.5 million for the 13 weeks ended January 30, 2010.

 

A comparable store sales increase of 7% for the fourth quarter.

Improved gross margin from retail operations of 90 basis points of sales compared to the prior year fourth quarter with a comparable store inventory decline of 2%.

 

Advertising, selling, administrative and general expense (“operating expense”) leverage of 70 basis points of sales. Operating expenses as a percent of sales were 22.8% and 23.5% for the quarters ended January 29, 2011 and January 30, 2010, respectively.

 

Repurchase of approximately $160.0 million (4.6 million shares) of Class A Common Stock under the Company’s $250 million share repurchase program.

 

Ending cash position at January 29, 2011 of $343.3 million compared to $341.7 million at January 30, 2010.

 

Highlights of the 52 weeks ended January 29, 2011 included:

 

Earnings per share of $2.67 for the fiscal year compared to $0.93 for the prior year. Net income was $179.6 million for the 52 weeks ended January 29, 2011 compared to $68.5 million for the 52 weeks ended January 30, 2010.

 

Improved gross margin from retail operations of 190 basis points of sales compared to the prior year with a comparable store inventory decline of 2%.

 

Operating expense leverage of 40 basis points of sales. Operating expenses as a percent of sales were 26.6% and 27.0% for the years ended January 29, 2011 and January 30, 2010, respectively.

 

Cash flow from operations of $503.9 million allowing the repurchase of approximately $413.9 million (14.6 million shares) of Class A Common Stock under the Company’s share repurchase programs. Total shares outstanding at January 29, 2011 were 60.0 million shares compared to 73.8 million shares at January 30, 2010.

 

Dillard’s Chief Executive Officer, William T. Dillard, II, stated, “Our fourth quarter results underscore a year of progress at Dillard’s. We began 2010 well positioned to achieve notable results, and we remained focused on our core initiatives throughout the year. We executed disciplined inventory management and controlled our expenses while seeking clear distinction in the mind of the fashion consumer. With our strong cash flow, we were able to execute our share repurchase program, acquiring $414 million of our Class A Common Stock as a vote of confidence in Dillard’s and in support of our shareholders. We are energized by these results, and we are excited about the future of Dillard’s.”

 

Income – 13 Weeks

 

Dillard’s reported pretax income (income before income taxes and equity in losses of joint ventures) of $162.6 million for the 13 weeks ended January 29, 2011 compared to a $115.5 million for the 13 weeks ended January 30, 2010.

 

Net income for the 13 weeks ended January 29, 2011 was $109.6 million, or $1.75 per diluted share, compared to a net income for the 13 weeks ended January 30, 2010 of $79.5 million, or $1.08 per share. Included in net income for the 13 weeks ended January 29, 2011 are the following items:

 

$7.5 million proceeds received as final payment related to hurricane losses ($4.8 million after tax or $0.08 per share).

 

a $2.2 million pretax gain on disposal of assets primarily related to three closed stores ($1.4 million after tax or $0.02 per share).

 

a $6.5 million income tax benefit ($0.10 per share) primarily related to net decreases in unrecognized tax benefits, interest and penalties due to resolutions of federal and state examinations, decreases in state net operating loss valuation allowances, and a decrease in a capital loss valuation allowance.

 

Included in net income for the 13 weeks ended January 30, 2010 are the following items:

 

non-cash pretax asset impairment and store closing charges of $3.1 million ($2.0 million after tax or $0.03 per share).

 

a $5.7 million pretax gain ($3.6 million after tax or $0.05 per share) related to proceeds received from settlement of the Visa Check/Mastermoney Antitrust litigation.

 

a $2.3 million pretax gain on disposal of assets related to the sale of a vacant store location ($1.5 million after tax or $0.02 per share).

 

See Page 2 for full year results

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