Advertising, Selling, Administrative and General Expenses Advertising, selling, administrative and general expenses ("operating expenses") improved approximately 30 basis points of sales during the 13 weeks ended October 29, 2011 compared to the 13 weeks ended October 30, 2010. Operating expenses were $404.8 million (29.3% of sales) and $398.5 million (29.6% of sales), respectively. The $6.3 million increase in operating expenses was primarily driven by increases in selling payroll and supplies partially offset by decreases in net advertising and utilities.
Income Taxes The Company has not recorded an amount related to the income tax benefit of the transfer of property to the wholly owned real estate investment trust and the tax election to recognize the gain on the transferred properties. As previously disclosed in our 8-K filed on October 12, 2011, the Company has requested guidance from the Securities and Exchange Commission regarding the appropriate accounting for this transaction. The Company anticipates the resolution of this issue prior to the filing of its Quarterly Report on Form 10-Q for the quarter ended October 29, 2011.
Share Repurchase During the 13 weeks ended October 29, 2011, Dillard's repurchased approximately $123.7 million (2.9 million shares) of Class A Common Stock. At October 29, 2011, $126.3 million of authorization remained under the Company's $250 million share repurchase program.
Total shares outstanding (Class A and Class B Common Stock) at October 29, 2011 and October 30, 2010 were 51.5 million and 63.9 million, respectively.
Debt Repurchase During the 13 weeks ended October 29, 2011, Dillard's repurchased $5.7 million face amount of 6.625% notes maturing on January 15, 2018.
Credit Facility As of October 29, 2011, there were $142.0 million short-term borrowings outstanding under the Company's $1.0 billion revolving credit facility. The credit agreement expires on December 12, 2012, and there are no financial covenants under this facility provided its availability exceeds $100 million. Letters of credit totaling $55.8 million were outstanding under the revolving credit facility as of October 29, 2011.
Store Information During the 13 weeks ended October 29, 2011, Dillard's closed its Virginia Center Commons location in Glen Allen, Virginia (166,000 square feet).
Dillard's Inc. ranks among the nation's largest fashion apparel, cosmetics and home furnishings retailers with annual revenues exceeding $6.2 billion.
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