Dillard’s, Inc. reported a swing to profit in the fourth quarter from a year ago, reflecting improved margins and lower operating expenses that more than offset a decline in revenues.
The Little Rock, Arkansas-based company’s net income for the fourth quarter was $79.5 million or $1.08 per share, compared to a loss of $149.3 million or $2.03 per share in the previous year.
Results for the quarter include non-cash pretax asset impairment and store closing charges of $3.1 million, a $5.7 million pretax gain related to proceeds received from settlement of the Visa Check/Mastermoney Antitrust litigation and a $2.3 million pretax gain on disposal of assets related to the sale of a vacant store location.
Prior-year results include non-cash pretax asset impairment and store closing charges of $177.9 million and pretax hurricane-related expenses of $2.9 million.
Total revenues declined to $1.87 billion from $2.08 billion generated last year. Net sales for the quarter were $1.83 billion, compared to $2.039 billion a year ago. Net sales include the operations of CDI Contractors, Llc, a former equity method joint venture investment. The company purchased the remaining 50% interest of CDI on August 29, 2008.
Total merchandise sales, excluding CDI, for the quarter were $1.794 billion, declining 9% from $1.979 billion a year ago. Merchandise sales in comparable stores declined 8% for the quarter.
