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Dillard's generates strong operating cash flow in 2011
25
Feb '12
Dillard's Inc announced operating results for the 13 and 52 weeks ended January 28, 2012. Dillard's reported income for the 13 weeks ended January 28, 2012 of $141.5 million, or $2.77 per share. Included in net income for the 13 weeks ended January 28, 2012 is a $44.5 million pre-tax credit ($28.7 million after tax or $0.56 per share) related to the settlement of a lawsuit with JDA Software Group. Excluding this credit, the Company would have recorded net income of $112.8 million or $2.21 per share marking a record-setting fourth quarter earnings per share performance.

Other highlights of the 13 weeks ended January 28, 2012 included:
• A 3% increase in comparable store sales
• Control of advertising, selling, administrative and general expenses ("operating expenses") which declined 40 basis points of sales
• Repurchase of $98.8 million (2.1 million shares) of Class A Common Stock

Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are pleased with our progress in 2011 where we delivered a record setting performance. With strong operating cash flow, we purchased $491 million of our Class A Common Stock during the year with $99 million accomplished in the fourth quarter. In 2012, we will remain focused on creating a clearly distinctive shopping experience at Dillard's in merchandise selection as well as in customer service."

For the prior year fourth quarter, the 13 weeks ended January 29, 2011, Dillard's reported net income of $109.6 million, or $1.75 per share. Included in net income for the prior year fourth quarter are pre-tax credits totaling $9.7 million ($12.7 million after tax or $0.20 per share) which is comprised of 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 the sale of 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.

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Dillard's Inc


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