Dillard's Inc achieves gross margin of 110 points in Q2 sales
14 Aug '06
3 min read
Dillard's Inc announced operating results for the 13 weeks ended July 29, 2006.
Income Net income for the 13 weeks ended July 29, 2006 was $15.7 million ($0.20 per diluted share) compared to a net loss of $12.3 million ($0.15 per basic and diluted share) for the 13 weeks ended July 30, 2005. Included in net income for the 13 weeks ended July 29, 2006 are the following items:
A pretax gain on the sale of the Dillard's interest in a mall joint venture of $13.5 million ($8.5 million after-tax or $0.11 per basic and diluted share).
Settlement proceeds of $6.5 million ($4.0 million after-tax or $0.05 per diluted share) received from the Visa Check/Mastermoney Antitrust litigation.
A pretax charge of $21.7 million ($13.6 million after-tax or $0.17 per diluted share) for a memorandum of understanding reached in a current litigation case.
Recognition of an income tax benefit of approximately $5.8 million ($0.07 per dilute share) for the change in a capital loss valuation allowance due to capital gain income during the quarter and $6.5 million ($0.08 per diluted share) due to the release of tax reserves.
Included in net loss for the 13 weeks ended July 30, 2005 were pretax asset impairment and store closing charges of $6.0 million ($3.8 million after-tax or $0.05 per basic and diluted share).
Revenues Net sales for the 13 weeks ended July 29, 2006 were $1.688 billion compared to sales for the 13 weeks ended July 30, 2005 of $1.692 billion. Net sales for the period were unchanged on a percentage basis in both total and comparable stores.
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