In the second quarter, as the company looked forward to its first South Dakota location, Dillard’s net income slipped year over year but still came in as a big beat versus Wall Street earnings per share estimates.
The company topped a MarketBeat-published analyst consensus estimate for earnings per share, set at $2.88, and sales, set at $1.54 billion.
Comparable sales increased 10% in the quarter year over year, Dillard’s reported. Net sales were $1.59 billion and net revenues were $1.62 billion, the company stated, versus $1.57 billion and $1.6 billion, respectively, in the year-before quarter.
Dillard’s announced that it would close locations in Sikes Senter in Wichita Falls, TX, and East Hills Mall in St. Joseph, MO, during the third quarter. At the same time, the company confirmed its commitment to The Empire Mall in Sioux Falls, SD. Dillard’s anticipates the store opening to occur in the fall of 2023 and when South Dakota becomes the company’s 30th state of operation.
In introducing the financial results, company CEO William Dillard said, “Business softened in the quarter as we lapped the strongest second quarter in our history. Our first half performance was far better than last year’s with net income up 21%, earnings per share up 44% and gross margin up 240 basis points. We repurchased $412 million of stock during the half versus $171 million last year.”
