Dillard’s Q4 Profit Increases 16% on Tax Credit

Little Rock, AR—Dillard’s Inc. reported today a higher fourth quarter profit thanks to a tax credit and nearly flat spending on advertising and other expenses.

For the quarter ended Jan. 28, the department store chain said net income rose 16% to $141.5 million, or $2.77 a share, up from $109.6 million, or $1.75 a share, a year ago. Results included an after tax credit of $28.7 million, or 56 cents a share, for the settlement of JDA Software Group lawsuit settlement,  from a 20 cents a share a year ago.

Excluding the credit, net income was $112.8 million, or $2.21 a share, rising from $96.9 million, or $1.55 per share, in fourth quarter last year.

Net sales reached $1.970 billion from $1.934 billion a year ago. Comparable store sales were up 3%. Gross margin edged down slight to 34.0% compared to 34.1% in the prior year period.

2011 Profit Up 40%

“We are pleased with our progress in 2011 where we delivered a record setting performance,” said William T. Dillard II.  “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.”

For the full year, Dillard’s net income was up 40% to $229.4 million, or $4.21 a share, from $163.2 million, or $2.43 a share, in the prior fiscal year.  Including several one-time benefits, Dillard’s 2011 net income reached $463.9 million, or $8.52 a share.


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