Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q/A
Dillard Department Stores, Inc.
(Exact Name of Registrant as Specified in Charter)
Amendment No. 1
The undersigned registrant hereby amends Item 1 of its
Quarterly Report on form 10-Q for the quarterly period ended
April 29, 1995, by amending the twelve months average shares
outstanding and the headings appearing above the columns on its
Consolidated Statements of Income and Retained Earnings.
Item 1, as amended, appears below in its entirety.
ITEM 1 Financial Statements
CONSOLIDATED BALANCE SHEETS
DILLARD DEPARTMENT STORES, INC.
(Unaudited)
(Thousands)
April 29 January 28 April 30
1995 1995 1994
ASSETS
CURRENT ASSETS
Cash and cash equivalents $48,889 $51,095 $49,619
Trade accounts receivable 1,034,356 1,102,104 1,031,967
Merchandise inventories 1,584,719 1,362,756 1,480,884
Other current assets 9,410 8,847 5,086
TOTAL CURRENT ASSETS 2,677,374 2,524,802 2,567,556
INVESTMENTS AND OTHER ASSETS 75,653 68,810 68,038
PROPERTY AND EQUIPMENT, NET 1,942,851 1,911,453 1,874,578
CONSTRUCTION IN PROGRESS 33,399 49,469 19,293
BUILDINGS UNDER CAPITAL LEASES 22,831 23,223 24,788
$4,752,108 $4,577,757 $4,554,253
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable and
accrued expenses $660,364 $545,522 $633,105
Commercial paper 129,825 89,906 137,124
Federal and state income taxes 44,967 65,454 46,036
Current portion of long-term debt 55,865 55,903 65,082
Current portion of capital lease
obligations 2,038 2,173 2,060
TOTAL CURRENT LIABILITIES 893,059 758,958 883,407
LONG-TERM DEBT 1,173,998 1,178,503 1,236,616
CAPITAL LEASE OBLIGATIONS 22,046 22,279 23,890
DEFERRED INCOME TAXES 294,450 294,450 282,648
STOCKHOLDERS' EQUITY
Preferred Stock 440 440 440
Common Stock 1,130 1,130 1,130
Additional paid-in capital 624,086 624,086 622,634
Retained earnings 1,742,899 1,697,911 1,503,488
2,368,555 2,323,567 2,127,692
$4,752,108 $4,577,757 $4,554,253
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
DILLARD DEPARTMENT STORES, INC.
(Unaudited)
(Thousands, except per share data)
Three Months Ended Twelve Months Ended
April 29 April 30 April 29 April 30
1995 1994 1995 1994
Net sales (including leased
departments) $1,326,754 $1,283,941 $5,588,616 $5,251,410
Service charges, interest,
and other 47,522 48,022 182,285 182,393
1,374,276 1,331,963 5,770,901 5,433,803
Cost and expenses:
Cost of sales 881,928 853,079 3,643,477 3,405,886
Advertising, selling,
administrative and general
expenses 327,460 311,210 1,344,603 1,256,628
Depreciation and amortization 47,816 45,716 192,399 175,941
Rentals 11,629 13,395 63,150 65,487
Interest and debt expense 27,414 30,652 121,044 128,564
1,296,247 1,254,052 5,364,673 5,032,506
INCOME BEFORE INCOME TAXES 78,029 77,911 406,228 401,297
Federal and state income taxes 29,650 29,605 154,365 160,030
NET INCOME 48,379 48,306 251,863 241,267
Retained earnings at beginning
of period 1,697,911 1,457,443 1,503,488 1,271,275
1,746,290 1,505,749 1,755,351 1,512,542
Cash dividends declared (3,391) (2,261) (12,452) (9,054)
RETAINED EARNINGS AT END
OF PERIOD $1,742,899 $1,503,488 $1,742,899 $1,503,488
Net income per common share $0.43 $0.43 $2.23 $2.14
Cash dividends declared
per common share $0.03 $0.02 $0.08 $0.08
Average shares outstanding 113,046 113,001 113,025 112,888
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
DILLARD DEPARTMENT STORES, INC.
(Unaudited)
(Thousands)
Three Months Ended
April 29 April 30
1995 1994
OPERATING ACTIVITITES
Net income $48,379 $48,306
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 48,153 46,118
Changes in operating assets and liabilities:
Decrease in trade accounts receivable 67,748 64,563
Increase in merchandise inventories and
other current assets (222,526) (177,050)
Increase in investments and other assets (7,180) (16,330)
Increase in trade accounts payable and
accrued expenses and income taxes 94,365 95,644
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES 28,939 61,251
INVESTING ACTIVITIES
Purchase of property and equipment (62,752) (42,905)
NET CASH USED IN INVESTING ACTIVITIES (62,752) (42,905)
FINANCING ACTIVITIES
Net increase (decrease) in commercial paper 39,919 (8,152)
Principal payments on long-term debt and
capital lease obligations (4,911) (9,569)
Dividends paid (3,401) (2,250)
NET CASH PROVIDED BY FINANCING ACTIVITIES 31,607 (19,971)
DECREASE INCREASE IN CASH AND CASH EQUIVALENTS (2,206) (1,625)
Cash and cash equivalents at beginning of period 51,095 51,244
CASH AND CASH EQUIVALENTS AT END OF PERIOD $48,889 $49,619
See notes to consolidated financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to
Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do
not include all of the information and footnotes required by
generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary
for a fair presentation have been included.
Operating results for the three month period ended April 29, 1995 are
not necessarily indicative of the results that may be expected for the
fiscal year ended February 3, 1996 due to the seasonal nature of the
business. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's annual
report on Form 10-K for the fiscal year ended January 28, 1995.
2. The retail last-in, first-out (LIFO) inventory method is used to value
merchandise inventories. Under this method, at April 29, 1995, and
April 30, 1994, the LIFO cost of merchandise inventories was
approximately $500,000 and $14,500,000, respectively, less than the
first-in, first-out (FIFO) cost. At January 28, 1995, the LIFO cost of
merchandise inventories was approximately equal to FIFO cost. At
January 29, 1994, the LIFO cost of merchandise inventories was
approximately $13,200,000 less than FIFO cost.
3. Net sales include leased department sales of $7,300,000 and $8,900,000
for the quarters ending April 29, 1995 and April 30, 1994,
respectively. Leased department sales for the twelve months ending
April 29, 1995 and April 30, 1994 were $44,600,000 and $61,200,000,
respectively.
4. On June 1, 1995, the Company issued $100,000,000 aggregate principal
amount of its 6.875% coupon, (6.99% yield to maturity) notes due
June 1, 2005. The notes were sold in an underwritten public
offering.
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this amendment to be
signed on its behalf by the undersigned hereunto duly
authorized.
Dillard Department Stores, Inc.
Date: June 19, 1995 By: Steven K. Nelson
Steven K. Nelson
Vice President, Controller