In the first quarter, Dillard’s clobbered a Wall Street earnings estimate as comparable sales jumped over 20%.
Dillard’s topped a MarketBeat-published analyst consensus estimate for earnings of $5.87 and came out ahead of a $1.55 billion sales estimate as well.
Comparable sales advanced 23% in the quarter year over year, the department store operator noted.
Dillards posted net sales of $1.61 billion and net revenues of $1.64 billion, including income from its services and other income, in the first quarter versus $1.33 billion and $1.36 billion, respectively, in the period a year previous, the company stated.
In announcing the financial results, William Dillard, II, stated, said “Our customer responded well to our merchandise in the first quarter producing a 23% increase in same-store sales. From this strong sell-through, we reported a record high retail gross margin of 47.3% leading to net income of $251 million or $13.68 per share. We ended the quarter with $862 million in cash after share repurchases totaling $187 million.”
