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Dillard’s picks up steam in Q1

Another department store retailer has reported a positive first quarter.

One day after Macy’s posted a strong first quarter, Dillard’s reported net income of $80.5 million, or $2.89 per share, for the period ended May 5, up from $66.3 million, or $2.12 per share, for the year-ago period.

Net sales were $1.456 billion, up from and $1.418 billion last year. Net sales includes the operations of the company’s construction business, CDI Contractors. Total merchandise sales (which excludes CDI) increased 2% to $1.409 billion. Same-store sales also increased 2%.

Dillard's cited strong sales of home and furniture; ladies' accessories and lingerie; and juniors' and children's apparel. Sales were on trend in ladies' apparel and "notably below trend" in shoes.

“Our positive sales momentum continued into the first quarter,” said CEO William T. Dillard. “We believe this indicates our customer is more comfortable spending in this economic environment, and we hope the positive trend continues. We executed $35 million of share repurchases during the quarter, completing the amount authorized under our February 2016 program.”

Dillard's operates 267 stores and 25 clearance centers spanning 29 states.
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