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Dillard's CEO pleased with solid Q4 operating performance
04
Mar '10
Dillard's, Inc. announced operating results for the 13 and 52 weeks ended January 30, 2010.

Dillard's Chairman of the Board and Chief Executive Officer, William Dillard, II, commented, "We are very pleased with our solid fourth quarter operating performance marked by gross margin improvement of 820 basis points of sales and continued cost reduction. Additionally, we achieved strong cash flow from operations for the year as well as notable year-over-year reductions in inventory and debt. Moving ahead, we will maintain our disciplined approach to these areas while effecting continued merchandise mix improvements to further strengthen our appeal to the Dillard's customer."

Highlights of the 13 and 52 weeks ended January 30, 2010 included:

• Fourth quarter net income of $79.5 million, or $1.08 per share, compared to a prior year fourth quarter net loss of $149.3 million, or $2.03 per share. Net income for the fiscal year of $68.5 million, or $0.93 per share, compared to a prior year net loss of $241.1 million, or $3.25 per share. (See further discussion of Net Income - 13 Weeks and Net Income - 52 Weeks below.)
• Improved fourth quarter merchandise gross margin performance of approximately 820 basis points of sales compared to the prior year fourth quarter. Improved fiscal year merchandise gross margin performance of approximately 410 basis points of sales.
• Fourth quarter operating expense savings of $50.8 million and fiscal year operating expense savings of $288.6 million.
• Fourth quarter net interest expense savings of $3.5 million and fiscal year net interest expense savings of $14.8 million.
• Cash flow from operations of $554.0 million for the fiscal year compared to $349.9 million for the prior fiscal year.
• An ending cash position of $341.7 million at January 30, 2010 with no short term borrowings outstanding under the Company's $1.2 billion revolving credit facility.
• Year over year inventory reduction of $73.7 million (5%) following a prior year ending inventory reduction of 23%. Inventory in comparable stores declined 5%.

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Dillard's Inc

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