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Dillard's: Repurchases $175 Million Of Class A Stock

The following excerpt is from the company's SEC filing.

LITTLE ROCK, Ark.--(BUSINESS WIRE)--

November 16, 2015

--Dillard’s, Inc. (NYSE: DDS) (the “Company” or “Dillard’s”) announced operating results for the

weeks ended

October 31, 2015

. This release contains certain forward-looking statements. Please refer to the Company’s cautionary statements regarding forward-looking information included below under “Forward-Looking Information.”

Quarter Results

Dillard’s reported net income for the

$45.7 million

per share, compared to net income of

$55.2 million

per share, for the prior year
< br> quarter. Included in net income for the current year third quarter is a net after-tax credit of $6.0 million ($0.16 per share) related to the sale of three store locations. Included in net income for the prior year third quarter is a net after-tax credit of $3.8 million ($0.09 per share) related to the sale of one store location.

Net sales for the

were

$1.435 billion

$1.460 billion

November 1, 2014

. Net sales includes the operations of the Company’s construction business, CDI Contractors, LLC ("CDI").

Total merchandise sales (which excludes CDI) for the

-week period ended

$1.382 billion

$1.422 billion

. Total merchandise sales

decreased 3%

. Sales in comparable stores for the period

decreased 4%

. In relation to the total Company sales performance, better performing categories were shoes, juniors' and children's apparel, cosmetics, and ladies' apparel. Weaker performing categories were men's apparel and accessories and ladies' accessories and lingerie with notable weakness in home and furniture. Sales were strongest in the Eastern region, followed by the Western and Central regions, respectively.

Dillard’s Chief Executive Officer, William T. Dillard, II, stated, "We are disappointed with our third quarter sales performance and in the resulting decline in profit. Share buyback remained a high priority, and we repurchased $175 million of stock under our share repurchase program."

39-Week Results

$185.3 million

$201.4 million

-week period. Included in net income for the current year-to-date period is a net after-tax credit of $6.0 million ($0.15 per share) related to the sale of three store locations. Included in net income for the prior year 39-week period is a net after-tax credit of $3.8 million ($0.09 per share) related to the sale of one store location.

$4.522 billion

$4.486 billion

. Total merchandise sales for the

$4.368 billion

$4.423 billion

decreased 1%

. Sales in comparable stores for the period also

Gross Margin/Inventory

Gross margin from retail operations (which excludes CDI)

improved 11 basis points of sales

compared to the prior year

quarter. Consolidated gross margin for the

declined 30 basis points of sales

quarter. The disparity between retail and consolidated gross margin performance is attributable to increased revenue at CDI, which is a substantially lower margin business. Inventory

increased 6%

Selling, General & Administrative Expenses

Selling, general and administrative expenses ("operating expenses") were

$412.7 million

of sales) and

$412.3 million

of sales) during the

, respectively. Increases in payroll and insurance expense were partially offset by decreased advertising expense.

Share Repurchase

During the 13 weeks ended

, the Company purchased

$174.6 million

1.9 million

shares) of Class A Common Stock under its $500 million share repurchase...


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