Dillard's 4Q Net Rises 16 Percent, Same-store Sales Up 3 Percent

by Lance Turner  on Thursday, Feb. 23, 2012 7:05 am  

Dillard's Inc. of Little Rock on Thursday reported a 16 percent rise in fourth-quarter net income, with same-store sales up 3 percent, and a 40 percent boost in full-year net income.

The department store chain said fourth-quarter net income reached $112.8 million, or $2.21 per share, up from $96.9 million, or $1.55 per share, during the same quarter last year.

Dillard's (NYSE: DDS) called the earnings per share number "record setting."

Dillard's noted that fourth-quarter numbers were boosted by a $44.5 million pre-tax credit -- $28.7 million after tax -- from a lawsuit settlement with JDA Software. Including the credit, Dillard's fourth-quarter earnings were $141.5 million, or $2.77 per share. 

For the year, Dillard's report net income of $229.4 million, or $4.21 per share, up 40 percent from $163.2 million, or $2.43 per share, during the previous fiscal year.

Full-year net also included several one-time benefits. Including those items, Dillard's full-year net income reached $463.9 million, or $8.52 per share.

"We are pleased with our progress in 2011 where we delivered a record setting performance," Dillard's CEO William T. Dillard II said in a news release.

"With strong operating cash flow, we purchased $491 million of our Class A Common Stock during the year with $99 million accomplished in the fourth quarter. In 2012, we will remain focused on creating a clearly distinctive shopping experience at Dillard's in merchandise selection as well as in customer service."

Sales

For the quarter, net sales reached $1.97 billion, up about 2 percent from $1.93 billion during the same quarter last year. Net sales include the sales from the company's construction business, CDI Contractors LLC.

Excluding CDI, total merchandise sales at Dillard's department stores reached $1.95 billion, up about 2 percent from $1.91 billion during the same quarter last year. Same-store merchandise sales rose 3 percent, the company said.

For the full year, net sales reached $6.26 billion, up more than 2 percent from $6.12 billion.

 

 

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