LITTLE ROCK, Ark.-First-quarter net income for Dillard’s totaled $48.8 million, a whopping 534 percent greater than last year’s first quarter.
The retailer accomplished this in spite of a 1.4 percent slip in net sales, which for the quarter totaled $1.5 billion. Dillard’s gross margin jumped 341 basis points to 38.3 percent, and the company trimmed 5 percent off its advertising, selling, general and administrative expenses. Although total sales declined, same-store sales in the quarter rose 2 percent.
William Dillard II, chief executive officer of Dillard’s, said the company reported “good results” in key operating areas, including inventory management and cost control. Dillard noted that the retailer’s “strong cash flow” in the quarter enabled it to execute its share-repurchase program, “underscoring our commitment to our shareholders and the company.”