Dillard's 2012 Annual Report Download - page 24

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• a $4.2 million pretax gain ($2.7 million after tax or $0.05 per share) related to a distribution
from a mall joint venture.
• a $2.1 million pretax gain ($1.4 million after tax or $0.03 per share) related to the sale of an
interest in a mall joint venture.
• a $1.3 million pretax gain ($0.9 million after tax or $0.02 per share) related to the sale of two
former retail store locations.
• a $1.2 million pretax charge ($0.8 million after tax or $0.01 per share) for asset impairment and
store closing charges related to the write-down of one property held for sale.
Highlights of fiscal 2012 include:
• A comparable store sales increase of 4% over the prior year based on comparable 52-week
periods;
• Retail operations gross margin improvement of 30 basis points of sales over the prior year.
Retail operations gross margin as a percent of sales were 36.1% and 35.8% for fiscal 2012 and
fiscal 2011, respectively;
• Operating expense leverage of 60 basis points of sales over the prior year. Operating expenses as
a percent of sales were 25.4% and 26.0% for fiscal 2012 and fiscal 2011, respectively;
• Net income of $336.0 million ($6.87 per share);
• Cash flow from operations increase of $21.6 million over the prior year. Operating cash flows
were $522.7 million during fiscal 2012 compared to $501.1 million during fiscal 2011;
• Repurchase of $185.5 million (or 2.8 million shares) of the Company’s Class A Common Stock;
and
• Payment of $252.3 million in dividends during fiscal 2012 (including a special dividend of $5.00
per share) compared to dividends of $10.0 million paid during fiscal 2011.
As of February 2, 2013, we had working capital of $724.9 million (including cash and cash
equivalents of $124.1 million) and $814.8 million of total debt outstanding, with no scheduled
maturities until late fiscal 2017. We operated 302 total stores as of February 2, 2013, a decrease of two
stores from the same period last year.
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