Highlights of the Company's Third Quarter Performance
- Record earnings per share of $1.13 versus $0.96 excluding items
- A 1% increase in comparable store sales
- Operating expense leverage of 40 basis points of sales
- Repurchase of $186.9 million of Class A Common Stock (2.4 million shares)
Third Quarter Results
Dillard's reported net income for the 13 weeks ended November 2, 2013 of $50.9 million, or $1.13 per share compared to net income of $48.5 million, or $1.01 per share, for the 13 weeks ended October 27, 2012. Included in net income for the prior year third quarter is a net after-tax credit totaling $2.4 million or $0.05 per share comprised of the following items:
A $0.7 million after-tax gain ($0.01 per share) related to the sale of two former retail store locations
Approximately $1.7 million ($0.04 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
Excluding these items, Dillard's would have reported $46.1 million ($0.96 per share) for the prior year third quarter.
Dillard's Chief Executive Officer, William T. Dillard, II, stated, "Another positive comparable store sales increase and expense control highlighted our third quarter at Dillard's, as did our aggressive execution of $187 million of share buyback.
"In spite of a somewhat disappointing 30 basis point decline in merchandise gross margin, we were pleased to deliver increased net income. As we enter our 75th anniversary holiday season, we are looking forward to serving our customers nationwide at an exceptional level."
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