Dillard's Net Climbs 14.1 Percent in Q4
LITTLE ROCK, Ark.-In what CEO William Dillard II called "a strong finish to a very successful year," Dillard's posted net income of $161.4 million in its fourth quarter, up 14.1 percent over last year's fourth quarter.
For the fiscal year ending on Feb. 2, the department-store retailer reported a drop of 27.6 percent in net income to $336 million. This was largely due to its income taxes for the year, which totaled $145.1 million, as opposed to an income-tax benefit of $62.5 million recorded for last year.
Net sales posted solid increases for both the quarter and the year. Sales were $2.1 billion in the quarter, an increase of 6.9 percent and including a gain in same-store sales of 3 percent. For the year, sales rose 5.3 percent to $6.6 billion, including a same-store sales increase of 4 percent.
In the quarter, Dillard's bottom line was bolstered by 50 basis-point gain in gross margin to 34.4 percent. Selling, general and administrative expenses were up 7.7 percent in dollars and 10 basis points as a percentage of sales, to 22.5 percent.
"As we mark our 75th year at Dillard's this month, we are proud of our progress and excited about the future," Dillard said.