Dillard’s net income increases in Q3

Dillard’s, Inc. reported net income for the 13 weeks ended October 30, 2021 of 197.3 million dollars or 9.81 dollars per share compared to 31.9 million dollars or 1.43 dollars per share, for the prior year third quarter.

Total retail sales which excludes CDI were 1,460.2 million dollars compared to 994.6 million dollars, an increase of 47 percent, while comparable store retail sales increased 48 percent.

“We are pleased to report another record quarter. Continued strong sales combined with record gross margin and expense control produced 197 million dollars of net income. We ended the quarter in another strong cash position of 620 million dollars after repurchasing 239 million dollars dollars of stock,” said Dillard’s chief executive officer William T. Dillard, II.

Review of Dillard’s Q3 results

Net sales for the quarter were 1,481 million dollars compared to 1,024.9 million dollars including the operations of the company’s construction business, CDI Contractors, LLC (CDI).

Compared to the third quarter of 2019, total retail sales were 1,460.2 million dollars compared to 1,334.2 million dollars, an increase of 9 percent, while comparable retail sales increased 12 percent. Also, compared to the third quarter of 2019, sales of juniors’ and children’s apparel and men’s apparel and accessories significantly outperformed the other categories.

Consolidated gross margin, which includes CDI, improved to 46.2 percent compared to 35.7 percent for the prior year third quarter.

Dillard’s returns to profitability in the nine-month period

Dillard’s reported net income for the 39 weeks ended October 30, 2021 was 541.2 million dollars or 25.76 dollars per share, compared to a net loss of 138.7 million dollars or 6.05 dollars per share, for the prior year 39-week period.

Net sales for the period were 4,379.9 million dollars compared to 2,730.6 million dollars. Total retail sales reached 4,296.3 million dollars compared to 2,638.8 million dollars, up 63 percent.

Compared to the first 39 weeks of 2019, total retail sales were 4,296.3 million dollars against 4,132.9 million dollars, an increase of 4 percent, while comparable store retail sales increased 7 percent.

Consolidated gross margin improved to 43 percent compared to 27.2 percent for the prior year 39-week period.