Dillard's Sets Profit Records for Fourth Quarter, Fiscal Year
LITTLE ROCK, Ark.-Dillard's ended its fiscal year on Jan. 28 with new records for net income in both its fourth quarter and fiscal year.
Net income for the quarter rose 29 percent to $141.5 million, while for the fiscal year, the bottom line totaled $463.9 million, up an impressive 158 percent. The retailer reported pretax credits in both the quarter and the year, but even factoring these out, net income for both periods would have set a record, Dillard's said in a statement.
Net sales rose 1.8 percent in the quarter, to $1.9 billion, while for the year as a whole, net sales were up 2.3 percent to $6.2 billion. Fourth-quarter same-store sales rose 3 percent, and for the fiscal-year comparable-store sales increased 4 percent.
Gross margin was down 10 basis points to 34 percent in the quarter. Advertising, selling, general and administrative expenses were flat in the quarter but dropped 40 basis points as a percentage of sales, to 22.4 percent.
Noting Dillard's record-breaking performance, William Dillard II, CEO, said, "In 2012, we will remain focused on creating a clearly distinctive shopping experience at Dillard's in merchandise selection as well as in customer service."