- Prachi Singh |
Dillard’s, Inc., for the 13 weeks ended May 5, 2018 reported net income of 80.5 million dollars or 2.89 dollars per share, compared to 66.3 million dollars or 2.12 dollars per share, for the prior year first quarter. Net sales for the quarter were 1.456 billion dollars compared to 1.418 billion dollars for the 13 weeks ended April 29, 2017.
“Our positive sales momentum continued into the first quarter. 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 dollars of share repurchases during the quarter, completing the amount authorized under our February 2016 program,” said Dillard’s Chief Executive Officer, William T. Dillard, II in a statement.
Financial review of Dillard’s Q1
Total merchandise sales (which excludes CDI) were 1.409 billion dollars against 1.386 billion dollars for the same period last year, an increase of 2 percent. Sales in comparable stores for the period also increased 2 percent.
The company added that Sales of home and furniture, ladies' accessories and lingerie and juniors' and children's apparel were above the average company sales trend during the quarter. Sales were slightly above trend in men's apparel and accessories, on trend in ladies' apparel, slightly below trend in cosmetics and notably below trend in shoes. Sales were strongest in the Western region followed by the Eastern and Central regions, respectively.
Gross margin from retail operations (which excludes CDI) declined 31 basis points of sales, while consolidated gross margin declined 66 basis points of sales compared to the prior year first quarter. Dillard's operates 267 Dillard's locations and 25 clearance centers spanning 29 states and an Internet store at Dillards.com.