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Dillard's posts disappointing Q4 financial results
20 Mar '08
3 min read
In addition to its previously communicated efforts to improve its merchandise mix, the Company will continue to close underperforming stores where appropriate and pursue share repurchase activity, as authorized by the Board, as conditions permit.
During the 2007 fiscal year, Dillard's closed nine underperforming stores and repurchased $111.6 million (5.2 million shares) of its Class A Common Stock. In fiscal 2008 to date, Dillard's has announced the closure of a distribution center and three underperforming stores.
Net Income - 52 Weeks:
Net income for the 52 weeks ended February 2, 2008 was $53.8 million ($0.68 per diluted share) compared to $245.6 million ($3.05 per diluted share) for the 53 weeks ended February 3, 2007.
Included in net income for the 52 weeks ended February 2, 2008 are the following items:
• A hurricane recovery gain of $18.3 million ($11.5 million after tax or $0.14 per diluted share) related to insurance settlement proceeds pertaining to the Fall 2005 hurricanes.
• Asset impairment and store closing charges of $20.5 million ($12.8 million after tax or $0.16 per diluted share).
• A net income tax benefit of $12.0 million ($0.15 per diluted share) primarily due to state administrative settlement.
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During the 2007 fiscal year, Dillard's closed nine underperforming stores and repurchased $111.6 million (5.2 million shares) of its Class A Common Stock. In fiscal 2008 to date, Dillard's has announced the closure of a distribution center and three underperforming stores.
Net Income - 52 Weeks:
Net income for the 52 weeks ended February 2, 2008 was $53.8 million ($0.68 per diluted share) compared to $245.6 million ($3.05 per diluted share) for the 53 weeks ended February 3, 2007.
Included in net income for the 52 weeks ended February 2, 2008 are the following items:
• A hurricane recovery gain of $18.3 million ($11.5 million after tax or $0.14 per diluted share) related to insurance settlement proceeds pertaining to the Fall 2005 hurricanes.
• Asset impairment and store closing charges of $20.5 million ($12.8 million after tax or $0.16 per diluted share).
• A net income tax benefit of $12.0 million ($0.15 per diluted share) primarily due to state administrative settlement.
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Dillard's Inc
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