Dillard’s first-quarter net profit up 58% from a year ago
Dillard’s Inc. reported first-quarter net income of $251.1 million, or $13.68 per share, on revenue of $1.612 billion. A year ago, the Little Rock-based department store and online merchandiser reported net income of $158.2 million, or $7.25 a share, on sales of $1.329 billion.
Same store sales increased 23% from the prior year quarter.
“Our client responded well to our merchandise in the first quarter, producing a 23% increase in same store sales. From this strong sale, we delivered a record gross margin of 47.3%, resulting in net income of $251 million or $13.68 per share. We ended the quarter with $862 million in cash after share buybacks totaling $187 million,” said CEO William T. Dillard, II.
Other first quarter highlights include:
- Retail gross margin of 47.3% of sales compared to 42.6% of sales;
- Operating expenses were $400.8 million (24.9% of sales) compared to $336.6 million (25.3% of sales);
- Cash flow from operations of $365.2 million compared to $302.4 million; and
- Closing cash of $862.2 million versus $615.9 million.
Dillard officials said the gross margin improvement was due to “positive customer response” to the company’s merchandise assortment combined with continued inventory management leading to lower markdowns in the first quarter. 2022.
The company operates 251 Dillard locations and 29 clearing centers covering 29 states.
Shares of Dillard’s opened trading Friday at $323.92, up 10% from the previous day’s close. Shares of the company have traded between a low of $107.52 per share and a high of $416.71 per share over the past 52 weeks.