Highlights of the Company’s Performance
- A 27% increase in first quarter earnings per share compared to the prior year
- A 1% increase in comparable store sales
- Merchandise gross margin improvement of 110 basis points of sales
- A decrease in operating expenses of $3.0 million or 20 basis points of sales
- A 39% increase in cash flow from operations to $136.9 million compared to $98.5 million
- Repurchase of $114.7 million (1.4 million shares) of Class A Common Stock
First Quarter Results
Dillard’s reported net income for the 13 weeks ended May 4, 2013 of $117.2 million, or $2.50 per share. Included in net income is a net after-tax credit totaling $4.4 million ($0.09 per share) comprised of the following three items:
- 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)
Excluding this credit, Dillard’s would have reported record first quarter net income of $112.8 million ($2.40 per share) and a 27% improvement over the prior year’s record first quarter earnings per share. Dillard’s reported net income for the prior year first quarter, the 13 weeks ended April 28, 2012, of $95.0 million, or $1.89 per share.
Dillard’s Chief Executive Officer, William T. Dillard, II, stated, “We are reporting a strong start to 2013 in spite of unseasonably cool weather. Positive comparable stores sales and gross margin expansion combined with good expense control led to another quarter of record profitability at Dillard’s. We were also pleased with our strong cash flow, which enabled us to repurchase $114.7 million of Class A Common Stock.”
Net sales for the 13 weeks ended May 4, 2013 were $1.549 billion and $1.549 billion for the 13 weeks ended April 28, 2012. Net sales include the operations of the Company’s construction business, CDI Contractors, LLC (“CDI”).
Total merchandise sales (which exclude CDI) for the 13-week period ended May 4, 2013 were $1.530 billion and $1.522 billion for the 13-week period ended April 28, 2012. Merchandise sales in total and comparable stores increased 1% for the 13-week period ended May 4, 2013 following a 5% comparable store sales increase in the prior year first quarter.
Sales trends were strongest in ladies’ accessories and lingerie and juniors’ and children’s apparel. Sales were weakest in the home and furniture category. Sales trends were strongest in the Central region, followed by the Eastern and Western regions, respectively.
Apparel/Garments | On 28th Jun 2017
Raymond, Indian textiles and apparel major, has decided to invest Rs...
Textiles | On 28th Jun 2017
The Goods and Services Tax (GST) is at long last all set to be rolled ...
We have broad range of options in durable fabrics
Orange O Tec
Contemporary industry is paying more and more attention to the...
DLF Emporio and DLF Promenade
‘Each event and promotion is planned out keeping in mind the business of...
Steve Cole of Xerium Technologies discusses the industry. Xerium is the...
Coating at a fibre level is a practice not usually seen in the...
Bombay Textile Research Association
Bombay Textile Research Association (BTRA) is a leading name in textile...
Golfwear and menswear brand Devereux is set for greener pastures. Robert...
She grew up in the walled city of Old Delhi, completed her studies, and...
Yash P. Kotak
Bombay Hemp Company
One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...
Apparel/Garments | On 28th Jun 2017