x
|
QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
DELAWARE
|
71-0388071
|
(State or other
jurisdiction of incorporation or organization)
|
(IRS
Employer Identification Number)
|
Large
accelerated filer þ
|
Accelerated
filer ¨
|
|
Non-accelerated
filer ¨ (Do
not check if a smaller reporting company)
|
Smaller
reporting company ¨
|
CLASS
A COMMON STOCK as of August 30, 2008
|
69,443,560
|
||
CLASS
B COMMON STOCK as of August 30, 2008
|
4,010,929
|
PART
I. FINANCIAL INFORMATION
|
Page
Number
|
||
Item
1.
|
|||
3
|
|||
4
|
|||
5
|
|||
6
|
|||
Item
2.
|
11
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||
Item
3.
|
25
|
||
Item
4.
|
25
|
||
PART
II. OTHER INFORMATION
|
|||
Item
1.
|
26
|
||
Item
1A.
|
26
|
||
Item
2.
|
26
|
||
Item
3.
|
26
|
||
Item
4.
|
27
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||
Item
5.
|
27
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||
Item
6.
|
28
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||
28
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August 2,
2008
|
February 2,
2008
|
August 4,
2007
|
||||||||||
Assets
|
(As
restated. See Note 1)
|
|||||||||||
Current
assets:
|
||||||||||||
Cash
and cash equivalents
|
$ | 108,429 | $ | 88,912 | $ | 91,926 | ||||||
Accounts
receivable
|
9,263 | 10,880 | 10,193 | |||||||||
Merchandise
inventories
|
1,750,488 | 1,779,279 | 1,803,953 | |||||||||
Other
current assets
|
51,173 | 66,117 | 41,912 | |||||||||
Total
current assets
|
1,919,353 | 1,945,188 | 1,947,984 | |||||||||
Property
and equipment, net
|
3,154,661 | 3,190,444 | 3,243,775 | |||||||||
Goodwill
|
31,912 | 31,912 | 34,511 | |||||||||
Other
assets
|
159,765 | 170,585 | 175,884 | |||||||||
Total
Assets
|
$ | 5,265,691 | $ | 5,338,129 | $ | 5,402,154 | ||||||
Liabilities
and Stockholders' Equity
|
||||||||||||
Current
liabilities:
|
||||||||||||
Trade
accounts payable and accrued expenses
|
$ | 744,162 | $ | 753,309 | $ | 774,216 | ||||||
Current
portion of capital lease obligations
|
1,953 | 2,613 | 2,940 | |||||||||
Current
portion of long-term debt
|
101,611 | 196,446 | 96,415 | |||||||||
Other
short-term borrowings
|
285,000 | 195,000 | 171,200 | |||||||||
Federal
and state income taxes including current deferred taxes
|
27,288 | 36,802 | 23,453 | |||||||||
Total
current liabilities
|
1,160,014 | 1,184,170 | 1,068,224 | |||||||||
Long-term
debt
|
782,410 | 760,165 | 860,521 | |||||||||
Capital
lease obligations
|
24,956 | 25,739 | 26,908 | |||||||||
Other
liabilities
|
218,595 | 217,403 | 221,894 | |||||||||
Deferred
income taxes
|
421,796 | 436,541 | 426,780 | |||||||||
Guaranteed
preferred beneficial interests in the Company's subordinated
debentures
|
200,000 | 200,000 | 200,000 | |||||||||
Stockholders'
equity:
|
||||||||||||
Common
stock
|
1,206 | 1,205 | 1,204 | |||||||||
Additional
paid-in capital
|
781,055 | 778,987 | 779,210 | |||||||||
Accumulated
other comprehensive loss
|
(21,361 | ) | (22,211 | ) | (20,374 | ) | ||||||
Retained
earnings
|
2,639,021 | 2,680,690 | 2,650,755 | |||||||||
Less
treasury stock, at cost
|
(942,001 | ) | (924,560 | ) | (812,968 | ) | ||||||
Total
stockholders' equity
|
2,457,920 | 2,514,111 | 2,597,827 | |||||||||
Total
Liabilities and Stockholders' Equity
|
$ | 5,265,691 | $ | 5,338,129 | $ | 5,402,154 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
August
2,
|
August
4,
|
August
2,
|
August
4,
|
|||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Net
sales
|
$ | 1,607,823 | $ | 1,648,533 | $ | 3,283,377 | $ | 3,411,487 | ||||||||
Service
charges and other income
|
38,679 | 40,550 | 76,723 | 77,050 | ||||||||||||
1,646,502 | 1,689,083 | 3,360,100 | 3,488,537 | |||||||||||||
Cost
of sales
|
1,129,366 | 1,128,679 | 2,247,668 | 2,254,770 | ||||||||||||
Advertising,
selling, administrative and general expenses
|
479,328 | 496,460 | 960,249 | 995,147 | ||||||||||||
Depreciation
and amortization
|
73,021 | 74,863 | 145,096 | 149,795 | ||||||||||||
Rentals
|
14,442 | 13,557 | 30,119 | 26,755 | ||||||||||||
Interest
and debt expense, net
|
23,026 | 22,741 | 45,139 | 43,477 | ||||||||||||
Gain
on disposal of assets
|
(17,902 | ) | (583 | ) | (18,001 | ) | (583 | ) | ||||||||
Asset
impairment and store closing charges
|
9,809 | - | 10,734 | 688 | ||||||||||||
(Loss)
income before income taxes and equity in earnings of joint
ventures
|
(64,588 | ) | (46,634 | ) | (60,904 | ) | 18,488 | |||||||||
Income
taxes (benefit)
|
(27,260 | ) | (17,350 | ) | (25,650 | ) | 8,040 | |||||||||
Equity
in earnings of joint ventures
|
(1,012 | ) | 4,118 | (393 | ) | 7,310 | ||||||||||
Net
(loss) income
|
(38,340 | ) | (25,166 | ) | (35,647 | ) | 17,758 | |||||||||
Retained
earnings at beginning of period
|
2,680,373 | 2,679,135 | 2,680,690 | 2,640,224 | ||||||||||||
Cash
dividends declared
|
(3,012 | ) | (3,214 | ) | (6,022 | ) | (6,424 | ) | ||||||||
Cumulative
effect of accounting change related to adoption of FIN
48
|
- | - | - | (803 | ) | |||||||||||
Retained
earnings at end of period (as restated)
|
$ | 2,639,021 | $ | 2,650,755 | $ | 2,639,021 | $ | 2,650,755 | ||||||||
(Loss)
earnings per share:
|
||||||||||||||||
Basic
and Diluted
|
$ | (0.51 | ) | $ | (0.31 | ) | $ | (0.47 | ) | $ | 0.22 | |||||
Cash
dividends declared per common share
|
$ | 0.04 | $ | 0.04 | $ | 0.08 | $ | 0.08 |
Six
Months Ended
|
||||||||
August
2,
2008
|
August
4,
2007
|
|||||||
Operating
Activities:
|
||||||||
Net
(loss) income
|
$ | (35,647 | ) | $ | 17,758 | |||
Adjustments
to reconcile net (loss) income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization of property and deferred financing
|
146,021 | 150,782 | ||||||
Share-based
compensation
|
17 | 47 | ||||||
Excess
tax benefits from share-based compensation
|
- | (577 | ) | |||||
(Gain)
loss on disposal of property and equipment
|
(18,001 | ) | 2,469 | |||||
Gain
from hurricane insurance proceeds
|
- | (7,123 | ) | |||||
Proceeds
from hurricane insurance
|
- | 5,881 | ||||||
Asset
impairment and store closing charges
|
10,734 | 688 | ||||||
Changes
in operating assets and liabilities:
|
||||||||
Decrease
in accounts receivable
|
1,617 | 315 | ||||||
Decrease
(increase) in merchandise inventories and other current
assets
|
34,477 | (24,221 | ) | |||||
Decrease
(increase) in other assets
|
7,061 | (8,670 | ) | |||||
Decrease
in trade accounts payable and accrued expenses, other liabilities and
income taxes
|
(36,613 | ) | (101,246 | ) | ||||
Net
cash provided by operating activities
|
109,666 | 36,103 | ||||||
Investing
Activities:
|
||||||||
Purchases
of property and equipment
|
(104,341 | ) | (228,607 | ) | ||||
Proceeds
from hurricane insurance
|
- | 16,101 | ||||||
Proceeds
from sale of property and equipment
|
45,333 | 5,874 | ||||||
Net
cash used in investing activities
|
(59,008 | ) | (206,632 | ) | ||||
Financing
Activities:
|
||||||||
Principal
payments on long-term debt and capital lease obligations
|
(97,606 | ) | (102,470 | ) | ||||
Increase
in short-term borrowings
|
90,000 | 171,200 | ||||||
Proceeds
from issuance of common stock
|
- | 6,028 | ||||||
Excess
tax benefits from share-based compensation
|
- | 577 | ||||||
Cash
dividends paid
|
(6,022 | ) | (6,424 | ) | ||||
Purchase
of treasury stock
|
(17,441 | ) | - | |||||
Payment
of line of credit fees and expenses
|
(72 | ) | (450 | ) | ||||
Net
cash (used in) provided by financing activities
|
(31,141 | ) | 68,461 | |||||
Increase
(decrease) in cash and cash equivalents
|
19,517 | (102,068 | ) | |||||
Cash
and cash equivalents, beginning of period
|
88,912 | 193,994 | ||||||
Cash
and cash equivalents, end of period
|
$ | 108,429 | $ | 91,926 | ||||
Non-cash
transactions:
|
||||||||
Accrued
capital expenditures
|
$ | 14,836 | $ | 12,570 | ||||
Property
and equipment financed by note payable
|
23,573 | - | ||||||
Stock
awards
|
2,051 | 1,418 |
As
Previously
Reported
|
Restatement
Adjustments
|
As
Restated
|
||||||||||
Property
and equipment, net
|
$ | 3,255,055 | $ | (11,280 | ) | $ | 3,243,775 | |||||
Total
assets
|
5,413,434 | (11,280 | ) | 5,402,154 | ||||||||
Deferred
income taxes
|
430,896 | (4,116 | ) | 426,780 | ||||||||
Retained
earnings
|
2,657,919 | (7,164 | ) | 2,650,755 | ||||||||
Total
stockholders' equity
|
2,604,991 | (7,164 | ) | 2,597,827 | ||||||||
Total
liabilities and stockholders' equity
|
5,413,434 | (11,280 | ) | 5,402,154 |
Fixed
Options
|
Shares
|
Weighted
Average
Exercise
Price
|
||||||
Outstanding,
beginning of period
|
5,336,375 | $ | 25.92 | |||||
Granted
|
- | - | ||||||
Exercised
|
- | - | ||||||
Forfeited
|
(75,000 | ) | 25.74 | |||||
Outstanding,
end of period
|
5,261,375 | $ | 25.92 | |||||
Options
exercisable at period end
|
5,261,375 | $ | 25.92 |
(in
thousands)
|
Balance
Beginning
of
Quarter
|
Charges
|
Cash Payments
|
Balance
End
of
Quarter
|
||||||||||||
Rent,
property taxes and utilities
|
$ | 4,555 | $ | 1,117 | $ | 718 | $ | 4,954 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
August
2,
2008
|
August
4,
2007
|
August
2,
2008
|
August
4,
2007
|
|||||||||||||
Basic:
|
||||||||||||||||
Net
(loss) income
|
$ | (38,340 | ) | $ | (25,166 | ) | $ | (35,647 | ) | $ | 17,758 | |||||
Weighted
average shares of common stock outstanding
|
75,005 | 80,342 | 75,102 | 80,270 | ||||||||||||
Basic
(loss) earnings per share
|
$ | (0.51 | ) | $ | (0.31 | ) | $ | (0.47 | ) | $ | 0.22 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
August
2,
2008
|
August
4,
2007
|
August
2,
2008
|
August
4,
2007
|
|||||||||||||
Diluted:
|
||||||||||||||||
Net
(loss) income
|
$ | (38,340 | ) | $ | (25,166 | ) | $ | (35,647 | ) | $ | 17,758 | |||||
Weighted
average shares of common stock outstanding
|
75,005 | 80,342 | 75,102 | 80,270 | ||||||||||||
Effect
of dilutive securities:
|
||||||||||||||||
Stock
options
|
- | - | - | 1,394 | ||||||||||||
Total
weighted average equivalent shares
|
75,005 | 80,342 | 75,102 | 81,664 | ||||||||||||
Diluted
(loss) earnings per share
|
$ | (0.51 | ) | $ | (0.31 | ) | $ | (0.47 | ) | $ | 0.22 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
August
2,
2008
|
August
4,
2007
|
August
2,
2008
|
August
4,
2007
|
|||||||||||||
Net
(loss) income
|
$ | (38,340 | ) | $ | (25,166 | ) | $ | (35,647 | ) | $ | 17,758 | |||||
Other
comprehensive income:
|
||||||||||||||||
Amortization
of minimum pension liability adjustment, net of taxes
|
425 | 462 | 850 | 855 | ||||||||||||
Total
comprehensive (loss) income
|
$ | (37,915 | ) | $ | (24,704 | ) | $ | (34,797 | ) | $ | 18,613 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
August
2,
2008
|
August
4,
2007
|
August
2,
2008
|
August
4,
2007
|
|||||||||||||
Components
of net periodic benefit costs:
|
||||||||||||||||
Service
cost
|
$ | 626 | $ | 517 | $ | 1,251 | $ | 1,034 | ||||||||
Interest
cost
|
1,764 | 1,501 | 3,528 | 3,001 | ||||||||||||
Net
actuarial loss
|
513 | 517 | 1,027 | 1,035 | ||||||||||||
Amortization
of prior service cost
|
157 | 157 | 313 | 314 | ||||||||||||
Net
periodic benefit costs
|
$ | 3,060 | $ | 2,692 | $ | 6,120 | $ | 5,384 |
|
·
|
Control
of inventory in a difficult retail environment with comparable inventory
declining 5% compared to the end of the second quarter of the prior
year.
|
|
·
|
Reduction
of advertising, selling, administrative and general expenses of $17.1
million compared to the second quarter of the prior
year.
|
|
·
|
Closure
of four under-performing stores during the quarter with one more store
closed shortly thereafter and plans to close ten more under-performing
stores by the end of fiscal 2008.
|
|
·
|
Repurchase
of $17.4 million (1.8 million shares) of Class A Common Stock under the
Company's $200 million share repurchase
plan.
|
|
·
|
Cash
flow – Cash from operating activities is a primary source of liquidity
that is adversely affected when the industry faces market driven
challenges and new and existing competitors seek areas of growth to expand
their businesses.
|
|
·
|
Pricing
– If our customers do not purchase our merchandise offerings in sufficient
quantities, we respond by taking markdowns. If we have to
reduce our prices, the cost of goods sold on our income statement will
correspondingly rise, thus reducing our
income.
|
|
·
|
Success
of brand – The success of our exclusive brand merchandise as well as
merchandise we source from national vendors is dependent upon customer
fashion preferences.
|
|
·
|
Sourcing
– Our store merchandise selection is dependent upon our ability to acquire
compelling products from a number of sources. Our ability to
attract and retain compelling vendors as well as in-house design talent
combined with adequate and stable availability of materials and production
facilities from which we source our merchandise has a significant impact
on our merchandise mix and, thus, our ability to sell merchandise at
profitable prices.
|
|
·
|
Store
growth – Although store growth is presently not a near-term goal, such
growth is dependent upon a number of factors which could impede our
ability to open new stores, such as the identification of suitable markets
and locations and the availability of shopping developments, especially in
a weakened economic environment.
|
(in
millions of dollars)
|
2008
Estimated
|
2007
Actual
|
||||||
Depreciation
and amortization
|
$ | 290 | $ | 299 | ||||
Rental
expense
|
62 | 60 | ||||||
Interest
and debt expense, net
|
92 | 92 | ||||||
Capital
expenditures
|
204 | 396 |
|
·
|
Significant
changes in the manner of our use of assets or the strategy for the overall
business;
|
|
·
|
Significant
negative industry or economic trends;
or
|
|
·
|
Store
closings.
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
August
2,
2008
|
August
4,
2007
|
August
2,
2008
|
August
4,
2007
|
|||||||||||||
Net
sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Service
charges and other income
|
2.4 | 2.5 | 2.3 | 2.2 | ||||||||||||
102.4 | 102.5 | 102.3 | 102.2 | |||||||||||||
Cost
of sales
|
70.2 | 68.5 | 68.5 | 66.1 | ||||||||||||
Advertising,
selling, administrative and general expenses
|
29.8 | 30.1 | 29.2 | 29.2 | ||||||||||||
Depreciation
and amortization
|
4.6 | 4.5 | 4.4 | 4.4 | ||||||||||||
Rentals
|
0.9 | 0.8 | 0.9 | 0.8 | ||||||||||||
Interest
and debt expense, net
|
1.4 | 1.4 | 1.4 | 1.2 | ||||||||||||
Gain
on disposal of assets
|
(1.1 | ) | 0.0 | (0.5 | ) | 0.0 | ||||||||||
Asset
impairment and store closing charges
|
0.6 | 0.0 | 0.3 | 0.0 | ||||||||||||
(Loss)
income before income taxes and equity in earnings of joint
ventures
|
(4.0 | ) | (2.8 | ) | (1.9 | ) | 0.5 | |||||||||
Income
taxes (benefit)
|
(1.7 | ) | (1.0 | ) | (0.8 | ) | 0.2 | |||||||||
Equity
in earnings of joint ventures
|
(0.1 | ) | 0.3 | 0.0 | 0.2 | |||||||||||
Net
(loss) income
|
(2.4 | ) % | (1.5 | ) % | (1.1 | ) % | 0.5 | % |
(in
thousands of dollars)
|
August
2,
2008
|
August
4,
2007
|
$
Change
|
|||||||||
Net
sales:
|
||||||||||||
Three
Months
|
$ | 1,607,823 | $ | 1,648,533 | $ | (40,710 | ) | |||||
Six
Months
|
3,283,377 | 3,411,487 | (128,110 | ) |
%
Change
08-07
|
||||||||
Three
Months
|
Six
Months
|
|||||||
Cosmetics
|
0.5 | % | (1.4 | )% | ||||
Ladies'
apparel and accessories
|
(1.7 | ) | (2.2 | ) | ||||
Juniors'
and children's apparel
|
(7.8 | ) | (7.9 | ) | ||||
Men's
apparel and accessories
|
(3.5 | ) | (4.1 | ) | ||||
Shoes
|
0.1 | (2.9 | ) | |||||
Home
and furniture
|
(8.8 | ) | (10.6 | ) |
%
Change
08-07
|
||||||||
Three
Months
|
Six
Months
|
|||||||
Eastern
|
(5.0 | )% | (5.6 | )% | ||||
Central
|
(0.3 | ) | (2.1 | ) | ||||
Western
|
(4.8 | ) | (4.6 | ) |
(in
thousands of dollars)
|
Three
Months Ended
|
Six
Months Ended
|
Three
Months
|
Six
Months
|
||||||||||||||||||||
August
2,
2008
|
August
4,
2007
|
August
2,
2008
|
August
4,
2007
|
$
Change
08-07
|
$
Change
08-07
|
|||||||||||||||||||
Leased
department income
|
$ | 3,278 | $ | 2,579 | $ | 6,544 | $ | 5,206 | $ | 699 | $ | 1,338 | ||||||||||||
Income
from GE marketing and servicing alliance
|
27,039 | 30,669 | 53,478 | 58,493 | (3,630 | ) | (5,015 | ) | ||||||||||||||||
Other
|
8,362 | 7,302 | 16,701 | 13,351 | 1,060 | 3,350 | ||||||||||||||||||
Total
|
$ | 38,679 | $ | 40,550 | $ | 76,723 | $ | 77,050 | $ | (1,871 | ) | $ | (327 | ) |
(in
thousands of dollars)
|
August
2,
2008
|
August
4,
2007
|
$
Change
|
%
Change
|
||||||||||||
SG&A:
|
||||||||||||||||
Three
Months
|
$ | 479,328 | $ | 496,460 | $ | (17,132 | ) | (3.5 | )% | |||||||
Six
Months
|
960,249 | 995,147 | (34,898 | ) | (3.5 | ) | ||||||||||
SG&A
as a percentage of net sales:
|
||||||||||||||||
Three
Months
|
29.8 | % | 30.1 | % | - | - | ||||||||||
Six
Months
|
29.2 | 29.2 | - | - |
(in
thousands of dollars)
|
August
2,
2008
|
August
4,
2007
|
$
Change
|
%
Change
|
||||||||||||
Depreciation
and amortization expense:
|
||||||||||||||||
Three
Months
|
$ | 73,021 | $ | 74,863 | $ | (1,842 | ) | (2.5 | )% | |||||||
Six
Months
|
145,096 | 149,795 | (4,699 | ) | (3.1 | ) |
(in
thousands of dollars)
|
August
2,
2008
|
August
4,
2007
|
$
Change
|
%
Change
|
||||||||||||
Rentals:
|
||||||||||||||||
Three
Months
|
$ | 14,442 | $ | 13,557 | $ | 885 | 6.5 | % | ||||||||
Six
Months
|
30,119 | 26,755 | 3,364 | 12.6 |
(in
thousands of dollars)
|
August
2,
2008
|
August
4,
2007
|
$
Change
|
%
Change
|
||||||||||||
Interest
and debt expense, net:
|
||||||||||||||||
Three
Months
|
$ | 23,026 | $ | 22,741 | $ | 285 | 1.3 | % | ||||||||
Six
Months
|
45,139 | 43,477 | 1,662 | 3.8 |
(in
thousands of dollars)
|
August
2,
2008
|
August
4,
2007
|
$
Change
|
|||||||||
Gain
on disposal of assets:
|
||||||||||||
Three
Months
|
$ | 17,902 | $ | 583 | $ | 17,319 | ||||||
Six
Months
|
18,001 | 583 | 17,418 |
(in
thousands of dollars)
|
August
2,
2008
|
August
4,
2007
|
$
Change
|
|||||||||
Asset
impairment and store closing charges:
|
||||||||||||
Three
Months
|
$ | 9,809 | $ | - | $ | 9,809 | ||||||
Six
Months
|
10,734 | 688 | 10,046 |
(in
thousands of dollars)
|
August
2,
2008
|
February
2,
2008
|
$
Change
|
%
Change
|
||||||||||||
Cash
and cash equivalents
|
$ | 108,429 | $ | 88,912 | $ | 19,517 | 22.0 | % | ||||||||
Other
short-term borrowings
|
285,000 | 195,000 | 90,000 | 46.2 | ||||||||||||
Current
portion of long-term debt
|
101,611 | 196,446 | (94,835 | ) | (48.3 | ) | ||||||||||
Long-term
debt
|
782,410 | 760,165 | 22,245 | 2.9 | ||||||||||||
Guaranteed
preferred beneficial interests
|
200,000 | 200,000 | - | - | ||||||||||||
Stockholders'
equity
|
2,457,920 | 2,514,111 | (56,191 | ) | (2.2 | ) | ||||||||||
Current
ratio
|
1.65 | 1.64 | ||||||||||||||
Debt
to capitalization
|
35.8 | % | 35.0 | % |
(in
thousands of dollars)
|
August
2,
2008
|
August
4,
2007
|
$
Change
|
%
Change
|
||||||||||||
Cash
and cash equivalents
|
$ | 108,429 | $ | 91,926 | $ | 16,503 | 18.0 | % | ||||||||
Other
short-term borrowings
|
285,000 | 171,200 | 113,800 | 66.5 | ||||||||||||
Current
portion of long-term debt
|
101,611 | 96,415 | 5,196 | 5.4 | ||||||||||||
Long-term
debt
|
782,410 | 860,521 | (78,111 | ) | (9.1 | ) | ||||||||||
Guaranteed
preferred beneficial interests
|
200,000 | 200,000 | - | - | ||||||||||||
Stockholders'
equity
|
2,457,920 | 2,597,827 | (139,907 | ) | (5.4 | ) | ||||||||||
Current
ratio
|
1.65 | 1.82 | ||||||||||||||
Debt
to capitalization
|
35.8 | % | 33.8 | % |
New
Locations
|
City
|
Square
Feet
|
|||
Market
Street at Heath Brook
|
Ocala,
Florida
|
126,000 | |||
Shops
at Lake Havasu
|
Lake
Havasu, Arizona
|
98,000 | |||
Shoppes
at River Crossing
|
Macon,
Georgia
|
162,000 | |||
Pier
Park
|
Panama
City Beach, Florida
|
126,000 | |||
Uptown
Village at Cedar Hill
|
Cedar
Hill, Texas
|
145,000 | |||
Edgewater
Mall*
|
Biloxi,
Mississippi
|
180,000 | |||
Total
new square footage
|
837,000 |
Closed
Locations
|
City
|
Square
Feet
|
|||
Indian
Mall (clearance center)
|
Jonesboro,
Arkansas
|
75,000 | |||
Turfland
Mall
|
Lexington,
Kentucky
|
214,000 | |||
Greeley
Mall
|
Greeley,
Colorado
|
124,000 | |||
McFarland
Mall
|
Tuscaloosa,
Alabama
|
180,000 | |||
Pine
Ridge Mall
|
Pocatello,
Idaho
|
120,000 | |||
Total
closed square footage
|
713,000 |
Locations
to Close
|
City
|
Square
Feet
|
|||
Chesterfield
Town Center
|
Richmond,
Virginia
|
110,000 | |||
Towne
Mall
|
Franklin,
Ohio
|
113,000 | |||
Knoxville
Center
|
Knoxville,
Tennessee
|
115,000 | |||
Hickory
Hollow Mall
|
Antioch,
Tennessee
|
200,000 | |||
Eastland
Mall (clearance center)
|
Charlotte,
North Carolina
|
162,000 | |||
Crossroads
Mall
|
Omaha,
Nebraska
|
200,000 | |||
Valley
View Mall
|
Dallas,
Texas
|
300,000 | |||
Boulevard
Mall
|
Las
Vegas, Nevada
|
200,000 | |||
Palm
Beach Mall
|
West
Palm Beach, Florida
|
200,000 | |||
Columbia
Place
|
Columbia,
South Carolina
|
180,000 | |||
Total
square footage to close
|
1,780,000 |
Period
|
(a)
Total Number of Shares Purchased
|
(b)
Average Price Paid per Share
|
(c)Total
Number of Shares Purchased as Part of Publicly Announced Plans or
Programs
|
(d)
Approximate Dollar Value that May Yet Be Purchased Under the Plans or
Programs
|
||||||||||||
May
4, 2008 through May 31, 2008
|
- | $ | - | - | $ | 200,000,000 | ||||||||||
June
1, 2008 through July 5, 2008
|
- | - | - | 200,000,000 | ||||||||||||
July
6, 2008 through August 2, 2008
|
1,826,600 | 9.55 | 1,826,600 | 182,558,219 | ||||||||||||
Total
|
1,826,600 | $ | 9.55 | 1,826,600 | $ | 182,558,219 |
Votes
For
|
Votes
Against
|
Votes
Abstained
|
||||||||||
Election of
Directors
|
||||||||||||
Class
A Nominees
|
||||||||||||
James
Haslam
|
47,457,855 | 3,118,207 | 0 | |||||||||
Brad
Martin
|
47,452,013 | 3,124,049 | 0 | |||||||||
Frank
Mori
|
47,285,089 | 3,290,973 | 0 | |||||||||
Nick
White
|
47,266,457 | 3,309,605 | 0 | |||||||||
Class
B Nominees
|
||||||||||||
Robert
C. Connor
|
4,010,568 | 0 | 0 | |||||||||
Drue
Corbusier
|
4,010,568 | 0 | 0 | |||||||||
Alex
Dillard
|
4,010,568 | 0 | 0 | |||||||||
William
Dillard, II
|
4,010,568 | 0 | 0 | |||||||||
Mike
Dillard
|
4,010,568 | 0 | 0 | |||||||||
James
I. Freeman
|
4,010,568 | 0 | 0 | |||||||||
Peter
Johnson
|
4,010,568 | 0 | 0 | |||||||||
Warren
A. Stephens
|
4,010,568 | 0 | 0 | |||||||||
Other
Proposals
|
||||||||||||
Ratification
of Auditors
|
53,903,671 | 246,054 | 436,905 |
Six
Months Ended
|
Fiscal
Years Ended
|
|||||||||||||||||||||||
August
2,
2008A
|
August
4,
2007
|
February
2,
2008
|
February
3,
2007B
|
January
28,
2006
|
January
29,
2005
|
January
31,
2004
|
||||||||||||||||||
(0.02)
|
1.28 | 1.54 | 3.34 | 2.01 | 2.12 | 1.05 |
Number
|
Description
|
|
Statement
re: Computation of Earnings to Fixed
Charges.
|
||
Certification
of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
||
Certification
of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
||
Certification
of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 (18 U.S.C. 1350).
|
||
Certification
of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 (18 U.S.C. 1350).
|
DILLARD'S,
INC.
|
|
(Registrant)
|
|
Date: September 11,
2008
|
/s/
James I. Freeman
|
James
I. Freeman
|
|
Senior
Vice-President & Chief Financial Officer
|
|
(Principal
Financial and Accounting Officer)
|