Gross Margin/Inventory
Gross margin from retail operations (which excludes CDI) decreased 14 basis points of sales for the 13 weeks ended May 3, 2014 compared to the 13 weeks ended May 4, 2013. The decline resulted primarily from increased markdowns compared to the prior year first quarter. Inventory increased 1% at May 3, 2014 compared to May 4, 2013.
Dillard's, Inc. announced operating results for the thirteen weeks ended May 3, 2014.Summary of the Company's First Quarter Performance-A 2% #
Consolidated gross margin remained unchanged as a percentage of sales at 39.5% for the 13 weeks ended May 3, 2014 and May 4, 2013.
Selling, General & Administrative Expenses
Selling, general and administrative expenses (“operating expenses”) were $393.7 million and $390.2 million for the 13 weeks ended May 3, 2014 and May 4, 2013, respectively, increasing 19 basis points of sales. Increased selling payroll was partially offset by decreased advertising expense during the quarter. Included in operating expenses for the prior year first quarter is a $1.5 million pretax credit ($1.0 million after tax of $0.02 per share) related to a pension adjustment.
Share Repurchase
During the quarter ended May 3, 2014, the Company repurchased $65.9 million (0.7 million shares) of Class A Common Stock at an average price of $89.34 per share under the Company’s share repurchase plans. Remaining authorization under the share repurchase program at May 3, 2014 was $224.5 million.
Total shares outstanding (Class A and Class B Common Stock) at May 3, 2014 and May 4, 2013 were 43.2 million and 46.3 million, respectively.
Store Information
At May 3, 2014, the Company operated 278 Dillard’s locations and 18 clearance centers spanning 29 states and an Internet store at www.dillards.com. Total square footage at May 3, 2014 was 50.5 million.
Dillard's