The 2021 fiscal third quarter compared well against the 2020 and 2019 periods, Dillard’s pointed out.
Dillard’s posted net income of $197.3 million, or $9.81 per share, versus $31.9 million, or $1.43 per share, for the prior-year third quarter.
Dillard’s beat a Yahoo Finance-published analyst consensus estimate of $5.52 per share.
Included in net income for the prior year third quarter is a net tax benefit of $32.4 million, or $1.46 per share, related to the Coronavirus Aid, Relief and Economic Security Act, Dillard’s reported, as well as a pretax loss of $2.2 million, $1.4 million after tax or six cents per share, primarily related to the sale of a store property.
Net sales were $1.48 billion versus $1.02 billion in the year-earlier quarter. Total retail sales, excluding revenues from the company’s construction business, were $1.46 billion versus $994.6 million. Comparable store retail sales increased 48% in the quarter year over year, Dillard’s noted.
In the 2019 third quarter, before the COVID-19 pandemic struck the United States, total retail sales were $1.33 billion as comps gained 12% year over year.
Dillard’s CEO William Dillard, II stated, “We are pleased to report another record quarter. Continued strong sales combined with record gross margin and expense control produced $197 million of net income. We ended the quarter in another strong cash position of $620 million after repurchasing $239 million of stock.”
