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Dillard's reports 10 percent rise in FY14 earnings

By Prachi Singh

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Business |REPORT

Dillard's fourth quarter performance ended January 31, 2015 included earnings per share of 3.17 dollars versus 2.71 dollars, an increase of 17 percent, a 3 percent increase in comparable store sales and a 103 basis point improvement in retail gross margin. For the entire fiscal year, earnings per share were 7.79 dollars versus 7.10 dollars, an increase of 10 percent, a 1 percent increase in comparable store sales and 35 basis point improvement in retail gross margin.

Net income for the 13 weeks stood at 130.5 million dollars, or 3.17 dollars per share, compared to net income of 119.1 million dollars, or 2.71 dollars per share, for the prior year fourth quarter. Dillard's reported net income for the 52 weeks ended January 31, 2015 of 331.9 million dollars, or 7.79 dollars per share, compared to net income of 323.7 million dollars, or 7.10 dollars last year.

Commenting on the results, Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We finished 2014 with our best sales performance of the year in the most important quarter. Our 3 percent sales increase was supported by a strong 103 basis point retail gross margin improvement, as customers responded well to our improved mix and service throughout the holiday season.”

Net sales for the fourth quarter were 2.136 billion dollars and 2.034 billion dollars for the 13 weeks ended February 1, 2014. Total merchandise sales during the period increased 3 percent. Sales trends were notably strong in the ladies' apparel and shoes categories followed by juniors' and children's apparel. Sales were weakest in the home and furniture category. Sales trends were strongest in the Central region, followed by the Eastern and Western regions, respectively.

For the full year, net sales were 6.621 billion dollars and 6.532 billion dollars for the 52 weeks ended February 1, 2014. Total merchandise sales increased 1 percent.

During fiscal 2014, Dillard's opened two new stores in Las Vegas, Nevada at The Shops at Summerlin and Sarasota, Florida at The Mall at University Town Center. During the fourth quarter, the company closed its Southgate Mall location in Sarasota, Florida. During fiscal 2015, Dillard's plans to open three new stores. At January 31, 2015, the Company operated 277 Dillard's locations and 20 clearance centers spanning 29 states and a web store.

Dillard's