Dillard's doubles earnings per share in Q3 FY'12

• a $0.7 million after tax gain ($0.01per share) related to the sale of two former retail store locations.

• approximately $1.7 million ($0.03 per share) in tax benefit due to the reversal of a valuation allowance related to a deferred tax asset consisting of a capital loss carryforward

Dillard's reported net income for the prior year 39-week period ended October 29, 2011, of $322.4 million, or $5.80 per share. Included in net income for the prior year 39-week period is a net after-tax credit totaling $205.8 million ($3.90 per share) comprised of the following items:

• approximately $201.6 million ($3.81 per share) in tax benefit due to the reversal of a valuation allowance related to a deferred tax asset consisting of a capital loss carryforward
• a $0.9 million after tax gain ($0.02 per share) related to the sale of two former retail store locations
• a $2.7 million after tax gain ($0.05 per share) related to a distribution from a mall joint venture
• a $1.4 million after tax gain ($0.03 per share) relating to the sale of an interest in a mall joint venture
• asset impairment and store closing charges of $0.8 million after-tax ($0.01 per share)

Net Sales - 13 Weeks

Net sales for the 13 weeks ended October 27, 2012 were $1.450 billion compared to net sales for the 13 weeks ended October 29, 2011 of $1.383 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 27, 2012 were $1.425 billion compared to $1.366 billion for the 13-week period ended October 29, 2011. Total merchandise sales increased 4% during the third quarter. Sales in comparable stores increased 5%.

Sales trends were strongest in men's apparel and accessories, ladies accessories and lingerie and shoes. Home and furniture was the weakest performing category. Sales trends were strongest in the Central region, followed by the Western and Eastern regions, respectively.

Net Sales - 39 Weeks

Net sales for the 39 weeks ended October 27, 2012 were $4.487 billion compared to net sales for the 39 weeks ended October 29, 2011 of $4.294 billion. Total merchandise sales for the 39-week period ended October 27, 2012 were $4.403 billion compared to $4.247 billion for the 39-week period ended October 29, 2011. Total merchandise sales increased 4% during the 39-week period. Sales in comparable stores increased 4%.