Dillard's 2013 Annual Report Download - page 72

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F-26
of these long-lived assets held for sale was based upon a contract the Company had entered to sell the assets. The inputs used to
calculate the fair value of $6.4 million of these long-lived assets held for sale included selling prices from commercial real
estate transactions for similar assets in similar markets that we estimated would be used by a market participant in valuing these
assets.
During fiscal 2011, the Company sold two former retail store locations with carrying values totaling $9.0 million. During
fiscal 2011, long-lived assets held for sale were written down to their fair value of $17.3 million, resulting in an impairment
charge of $1.2 million, which was included in earnings for the period. The inputs used to calculate the fair value of these long-
lived assets held for sale during fiscal 2011included selling prices from commercial real estate transactions for similar assets in
similar markets that we estimated would be used by a market participant in valuing these assets.
16. Quarterly Results of Operations (unaudited)
Fiscal 2013, Three Months Ended
(in thousands of dollars, except per share data) May 4 August 3 November 2 February 1
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,549,136 $ 1,479,852 $ 1,468,612 $ 2,034,047
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 611,351 503,030 531,205 662,346
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,210 36,491 50,868 119,102
Diluted earnings per share:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.50 $ 0.79 $ 1.13 $ 2.71
Fiscal 2012, Three Months Ended
(in thousands of dollars, except per share data) April 28 July 28 October 27 February 2
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,549,319 $ 1,487,925 $ 1,449,623 $ 2,106,302
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 592,406 500,123 530,000 723,532
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,983 31,022 48,514 161,443
Diluted earnings per share:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.89 $ 0.63 $ 1.01 $ 3.36
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.
Quarterly information for fiscal 2013 and fiscal 2012 includes the following items:
First Quarter
2013
• an $11.7 million pretax gain ($7.6 million after tax or $0.16 per share) related to the sale of an investment.
• a $6.5 million pretax charge ($4.2 million after tax or $0.09 per share) for asset impairment and store closing
charges related to the write-down of an operating property and certain cost method investments.
• a $1.5 million pretax gain ($1.0 million after tax or $0.02 per share) related to a pension adjustment.
Third Quarter
2012
• a $1.1 million pretax gain ($0.7 million after tax or $0.01 per share) related to the sale of two former retail store
locations.
• a $1.7 million income tax benefit ($0.04 per share) due to a reversal of a valuation allowance related to a
deferred tax asset consisting of a capital loss carryforward.