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Dillard’s net income plunges in Q4 FY’14

February 25, 2014 (United States Of America)

Dillard’s, Inc. announced operating results for the 13 and 52 weeks ended February 1, 2014 including record fiscal year earnings per share adjusted for certain items of $6.99 versus $6.33 in the prior year.
 
Fourth Quarter Results
Dillard’s reported net income for the 13-week period ended February 1, 2014 of $119.1 million ($2.71 per share) compared to net income of $161.4 million ($3.36 per share) for the 14 weeks ended February 2, 2013. 
 
Included in net income for the 13-week period ended February 1, 2014 is an after tax credit of $0.8 million ($0.02 per share) representing the reversal of asset impairment charges on a store held for sale. Excluding this item, Dillard’s would have reported $118.3 million ($2.69 per share) for the 13-week period ended February 1, 2014.
 
Included in net income for the prior year 14-week period ended February 2, 2013 is a net after-tax credit totaling $23.9 million ($0.50 per share) comprised of the following items:
a $6.8 million after-tax gain ($0.14 per share) related to the sale of a former retail store location
after-tax asset impairment and store closing charges of $1.1 million ($0.02 per share)
approximately $18.1 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 $137.6 million ($2.87 per share) for the 14-week period ended February 2, 2013.
 
Dillard’s Chief Executive Officer, William T. Dillard, II, stated, “Although it was a profitable fourth quarter, we are disappointed in our gross margin performance, as lower than anticipated sales necessitated heavier markdowns. We are pleased with our expense control as well as with our strong cash flow for the year.”
 
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