Dillard’s Q1 net income increases to 251.1 million dollars
For the first quarter, Dillard’s reported net income of 251.1 million dollars or 13.68 dollars per share compared to 158.2 million dollars or 7.25 dollars per share, for the same quarter ended May 1, 2021.
Net sales for the quarter were 1.612 billion dollars compared to 1.329 billion dollars, while total retail sales were 1.581 billion dollars compared to 1.297 billion dollars, an increase of 22 percent. Sales in comparable stores for the period increased 23 percent.
Commenting on the company’s performance, chief executive officer William T. Dillard, II stated: “Our customer responded well to our merchandise in the first quarter producing a 23 percent increase in same-store sales. From this strong sell through, we reported a record high retail gross margin of 47.3 percent leading to net income of 251 million dollars or 13.68 dollars per share.”
The company said stronger performing categories included men’s apparel and accessories, ladies’ apparel, and juniors’ and children’s apparel.
Consolidated gross margin for the period improved to 46.5 percent of sales compared to 41.7 percent of sales for the prior year first quarter.
The company operates 251 Dillard’s locations and 29 clearance centres spanning 29 states.