LITTLE ROCK — Dillard’s Inc. of Little Rock on Thursday reported a strong first-quarter performance for the period that ended April 28.
The Little Rock-based retailer reported net income of $95 million, or $1.89 a share, up from $76.7 million, or $1.31 per share, from the same period a year ago.
Sales at stores open at least a year rose 5 percent. These same-store sales exclude the effect of stores opened or closed in the past year and are a key measure of success in retailing.
“We are happy to report a very strong start to 2012 with our seventh consecutive quarter of increased same-store sales as well as record-setting earnings and earnings-per-share performances,” William T. Dillard II, chief executive officer, said in the company’s news release.
The company said the net-income figure includes a net pretax gain of $3 million, or $1.9 million after tax, attributed to a distribution from a mall joint venture, and asset impairment and store closing charges.
Net sales for the period were $1.55 billion, up from $1.47 billion a year ago. Those sale include Dillard’s construction business, CDI Contractors.
Merchandise sales, which exclude CDI, were $1.52 billion, up from $1.46 billion.
Dillard’s said sales were strong in all categories except home and furniture and in juniors’ and children’s apparel categories. Ladies’ accessories and lingerie showed the strongest performance, the company said, followed by shoes, men’s apparel and accessories, and cosmetics.
The company’s central region reported the strongest sales trends, followed by the eastern and western regions.
Dillard’s said it repurchased about $27.5 million worth of its Class A common stock, or 400,000 shares, during the period.
As of April 28, the company operated 287 Dillard’s stores and 17 clearance centers covering 29 states. It intends to close a 70,000-square-foot store in a Hutchinson, Kan., mall during the second quarter.
Dillard’s stock closed Thursday at $66.19 a share, up 71 cents, or 1.1 percent. It has traded between $38.99 and $67.22 in the past year.
Business, Pages 29 on 05/11/2012