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Dillard's posts disappointing Q4 financial results

20
Mar '08
Dillard's Inc announced operating results for the 13 and 52 weeks ended February 2, 2008.

In accordance with the National Retail Federation fiscal reporting calendar, the 2006 reporting periods presented and discussed below ended February 3, 2007 and contained 14 and 53 weeks.

Net Income - 13 Weeks:
Net income for the 13 weeks ended February 2, 2008 was $47.3 million ($0.63 per diluted share compared to $155.0 million ($1.90 per diluted share) for the 14 weeks ended February 3, 2007.

Included in net income for the 13 weeks ended February 2, 2008 are pretax asset impairment and store closing charges of $16.1 million ($10.1 million after tax or $0.13 per diluted share) and a net income tax benefit of $10.3 million ($0.14 per diluted share) primarily due to state administrative settlement.

Included in net income for the 14 weeks ended February 3, 2007 is a pretax interest credit of $10.5 million ($6.6 million after tax or $0.08 per diluted share) and a net income tax benefit of $64.0 million ($0.79 per diluted share).

Management Comments:
Dillard's Chief Executive Officer, William Dillard, II, stated, "Clearly, our performance for the quarter and the year was disappointing. We simply did not achieve the level of sales necessary to produce more acceptable results.

Moving forward, we will execute further improvements to our merchandise mix while working to effectively respond to potentially challenging macro-economic conditions. We remain committed to strengthening our appeal to aspirational and contemporary shoppers to set Dillard's apart in the marketplace."


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