Dillard's 2012 Annual Report Download - page 81

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Notes to Consolidated Financial Statements (Continued)
14. Fair Value Disclosures (Continued)
During fiscal 2010, the Company sold three vacant retail store properties with carrying values of
$4.2 million. During fiscal 2010, long-lived assets held for sale were written down to their fair value of
$27.5 million, resulting in an impairment charge of $2.2 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 2011
and 2010 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.
15. Quarterly Results of Operations (unaudited)
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
Fiscal 2011, Three Months Ended
(in thousands of dollars, except per share data) April 30 July 30 October 29 January 28
Net sales ............................... $1,469,198 $1,441,747 $1,382,612 $1,970,043
Gross profit ............................. 569,173 478,224 501,533 667,401
Net income ............................. 76,677 17,565 228,171 141,496
Diluted earnings per share:
Net income ............................ $ 1.31 $ 0.32 $ 4.31 $ 2.77
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 2012 and fiscal 2011 includes the following items:
First Quarter
2011
• 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 $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.
Second Quarter
2011
• a $2.1 million pretax gain ($1.4 million after tax or $0.02 per share) related to the sale of an
interest in a mall joint venture.
F-31