LITTLE ROCK, Ark. – Sales popped in all merchandise categories at Dillard’s during the first quarter, with five showing significant increases during the period ended May 2.
Total retail sales (which exclude the company’s CDI Contractors construction business) rose 3.% to $1.518 billion, with comp sales up 3%. The top growth categories included home and furniture, ladies’ accessories and lingerie and shoes, which all made “significant” gains, according to the department store retailer.
Sales in men’s apparel and accessories, juniors’ and children’s apparel and ladies’ apparel increased moderately while sales in cosmetics increased slightly during the quarter.
“We continue to focus on motivating our customer with newness in our merchandise assortment,” said company CEO William T. Dillard II.
Total sales – including CDI Contractors – increased 3% to $1.568 billion.
Retail gross margin expanded to 45.8% of sales compared with 45.5% of sales in last year’s first quarter, largely driven by moderate increases in shoes and a slight increase in ladies’ accessories and lingerie. Home and furniture experienced a moderate decrease in retail gross margin.
Net income climbed 53% to $250.5 million, $16.04 per diluted share, compared with $163.9 million, or $10.39 per diluted share in the year-ago quarter.
The bottom line benefited from an after-tax gain related to a litigation settlement that accounted for roughly $5.10 per share. The case involved a long-standing lawsuit over payment card interchange fees, which Dillard’s said it settled favorably.
