Dillard's 2002 Annual Report Download - page 48

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16. Quarterly Results of Operations (unaudited)
During the second quarter of 2002, the Company adopted Statement of Financial Accounting Standards (“SFAS”) No. 142, “Goodwill
and Other Intangible Assets.” The cumulative effect of the accounting change as of February 3, 2002 was to decrease net income for
fiscal year 2002 by $530 million or $6.22 per diluted share. The Company has restated the first quarter of 2002 in accordance with
SFAS No. 3, “Reporting Accounting Changes in Interim Financial Statements,” as follows:
Fiscal 2002, Three Months Ended
(in thousands, except per share data) May 4 August 3 November 2 February 1
As
As Previously
Restated Reported
Net sales $1,910,879 $1,910,879 $1,817,976 $1,794,250 $2,387,891
Gross profit 684,451 684,451 620,677 602,813 748,921
Income (loss) before extraordinary item
and accounting change 57,764 57,764 12,501 (6,215) 72,250
Net income (loss) (472,219) 58,112 6,666 (5,102) 72,250
Diluted earnings per share:
Income (loss) before extraordinary
item and accounting change .68 .68 .15 (.07) .85
Net income (loss) (5.56) .68 .08 (.06) .85
Fiscal 2001, Three Months Ended
(in thousands, except per share data) May 5 August 4 November 3 February 2
Net sales $1,920,309 $1,828,304 $1,872,333 $2,533,965
Gross profit 667,302 589,934 559,377 830,596
Income (loss) before extraordinary item 25,834 (20,568) (40,241) 100,761
Net income (loss) 28,993 (18,605) (40,116) 101,526
Diluted earnings per share:
Income (loss) before extraordinary item .30 (.24) (.48) 1.20
Net income (loss) .34 (.22) (.48) 1.21
Total of quarterly earnings per common share may not equal the annual amount because net income per common share is calculated
independently for each quarter.
F-22