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Dillard's comparable store sales up

16
Nov '11
Dillard's Inc. announced operating results for the 13 weeks ended October 29, 2011.

Highlights of the 13 weeks ended October 29, 2011 included:
• Record earnings per share for a third quarter of $0.50 compared to $0.22 for the prior year third quarter. Net income was $26.6 million for the 13 weeks ended October 29, 2011 compared to $14.4 million for the 13 weeks ended October 30, 2010.
• A comparable store sales increase of 5%.
• Continued operating expense control resulting in leverage of approximately 30 basis points of sales.
• Repurchase of approximately $123.7 million (2.9 million shares) of Class A Common Stock.

Dillard's Chief Executive Officer, William T. Dillard, II, stated, "Our 5% comparable store sales performance provided strong income momentum as we maintained gross margin and leveraged our operating expenses - resulting in an 85% increase in net income for the quarter. This record-setting third quarter performance further solidifies our confidence in our strategy as we enter the holiday season."

Income
Dillard's reported pretax income (income before income taxes and income on and equity in losses of joint ventures) of $39.5 million for the 13 weeks ended October 29, 2011 compared to $21.5 million for the 13 weeks ended October 30, 2010.

Net income for the 13 weeks ended October 29, 2011 was $26.6 million, or $0.50 per share, compared to net income for the 13 weeks ended October 30, 2010 of $14.4 million, or $0.22 per share. Included in net income for the 13 weeks ended October 29, 2011 is a $1.3 million pretax gain ($0.9 million after tax or $0.02 per share) related to the sale of two former retail store locations.

Included in net income for the 13 weeks ended October 30, 2010 is a $1.1 million pretax loss ($0.7 after tax or $0.02 per share) related to the sale of closed store and a $1.2 million income tax benefit ($0.02 per share) for a decrease in a capital loss valuation allowance.

Net Sales/Total Revenues
Net sales for the 13 weeks ended October 29, 2011 were $1.383 billion compared to net sales for the 13 weeks ended October 30, 2010 of $1.344 billion. Net sales include the operations of the Company's construction business, CDI Contractors, LLC ("CDI").

Total merchandise sales (which exclude CDI) for the 13-week period ended October 29, 2011 were $1.362 billion compared to $1.315 billion for the 13-week period ended October 30, 2010. Total merchandise sales increased 4% during the third quarter. Sales in comparable stores increased 5%.

Gross Margin/Inventory
Gross margin from retail operations (which excludes CDI) was maintained at 36.8% of sales during the period ended October 29, 2011. Inventory in comparable stores increased 4% at October 29, 2011 compared to October 30, 2010 as management has planned more aggressively in light of improved sales trends.

Consolidated gross margin improved 20 basis points of sales during the 13 weeks ended October 29, 2011 compared to the 13 weeks ended October 30, 2010.


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