Dillard's reports soaring profits on falling revenue

Little Rock, Ark. Dillard's reported Friday its first-quarter net income climbed to $48.8 million from $7.7 million in the year-ago period.

Revenues for the quarter dipped to $1.48 billion, from $1.51 billion.

"We are encouraged by our solid first-quarter performance as we report good results in our key operational areas including inventory management and cost control," according to a company statement.