Monday November 12th, 2012 - 1:30PM
For the 13 weeks ended October 27, Dillard’s, Inc. reported net income of $48.5 million, or $1.01 per share, versus $228.2 million, or $4.31 per share, in the period a year prior, the company announced. Excluding extraordinary items, Dillard’s would have reported $46.1 million, or 96 cents per share, for the most recently completed quarter, versus $25.7 million, or 48 cents per share, in the 2011 period.
Zacks Consensus Estimate of Wall Street analysts was for earnings per share of 75 cents.
Net sales for the third quarter were $1.45 billion versus $1.38 billion in the period a year earlier, the company stated. Net sales include the operations of Dillard’ construction business, CDI Contractors, LLC . Total merchandise sales, excluding CDI results, were up 4% to $1.43 billion while comparable store sales increased 5%, the company noted.
Sales trends were strongest in men’s apparel and accessories, ladies accessories and lingerie, and shoes, Dillard’s said, while home and furniture was the weakest performing category
William Dillard, II, the retailer’s CEO, said in commenting on the quarterly results, “Driven by a strong 5% sales increase, we were able to double our earnings per share for the third quarter on top of a record performance last year, after non-routine items. We are pleased with our gross margin improvement and expense control during the quarter as well as with our ending inventory level. We are entering the holiday season confidently, based on these strong results, and we look forward to serving our customers at the highest possible level in the coming weeks.”