Dillard’s posts increase in full year earnings

Dillard’s reported net income for the 52 weeks of 891.6 million dollars or 50.81 dollars per share compared to 862.5 million dollars or 41.88 dollars per share, for the prior year period.

For the fourth quarter, Dillard’s reported net income of 289.2 million dollars or 16.89 dollars per share compared to 321.2 million dollars or 16.61 dollars per share last year.

Net sales for the year were 6.871 billion dollars compared to 6.493 billion dollars, while fourth quarter net sales were 2.127 billion dollars compared to 2.113 billion dollars in the same quarter last year.

Commenting on the results, Dillard’s chief executive officer William T. Dillard, II stated in a statement: “ We are entering our 85th year of operation in a strong position with today’s results. Fiscal year earnings per share of 50.81 dollars seemed impossible just a couple of years ago, but we have seen what we can do by controlling our inventory and focusing on our customer. From the resulting strong cash flow, we were happy to return 708 million dollars to our shareholders, and the majority of them are our associates.”

Total retail sales increased 5 percent to 6.702 billion dollars for the year, while sales in comparable stores also increased 5 percent. Total retail sales for the 13-week period were 2.069 billion dollars, flat compared to the previous year.

Dillard’s plans to open a new store at The Empire Mall in Sioux Falls, South Dakota in the spring of 2024.