LITTLE ROCK Little Rock-based Dillard’s Inc. announced Thursday that it earned third-quarter net income of $46.1 million, a nearly 80 percent increase from the period a year ago excluding a substantial tax credit the company posted then.
Its earnings per share of $1.01 were double that of the same period last year, the retailer said. Same-store sales were up 5 percent.
"Driven by a strong 5 percent sales increase, we were able to double our earnings per share for the third quarter on top of a record performance last year (after non-routine items). We are pleased with our gross margin improvement and expense control during the quarter as well as with our ending inventory level" Dillard's Chief Executive Officer, William T. Dillard II, said in a statement.
The $46.1 million earned in the third quarter this year was up from $25.7 million earned last year, an increase of 79.3 percent. The 2011 earnings do not include a $201.6 million tax credit “due to the reversal of a valuation allowance related to a deferred tax asset consisting of a capital loss carryforward” and another $900,000 after-tax credit, the company said.
The third quarter earnings this year would total $48.5 million with two after-tax credits: a gain of 1 cent per share related to the sale of two stores and a gain about 4 cents per share from a tax benefit, the retailer said.
As of the end of the quarter, Dillard's operated 284 stores and 18 clearance centers in 29 states. It shut one store during the quarter.