Department store retailer Dillard’s maintained positive sales and earnings momentum in the first quarter.
Dillard’s reported net income for the 13 weeks ended May 5, 2018 of $80.5 million, or $2.89 per share, compared to net income of $66.3 million, or $2.12 per share, for the prior year first quarter.
Net sales for the first quarter were $1.456 billion compared to $1.418 billion for the first quarter of 2017. Net sales includes the operations of the company’s construction business, CDI Contractors.
Total merchandise sales, which excludes CDI, for the quarter were $1.409 billion compared to $1.386 billion for previous first quarter. Total merchandise sales increased 2%. Sales in comparable stores for the period also increased 2%. Sales of home and furniture, ladies’ accessories and lingerie and juniors’ and children’s apparel were above the average company sales trend during the quarter, the company said. Sales were slightly above trend in men’s apparel and accessories, on trend in ladies’ apparel, slightly below trend in cosmetics and notably below trend in shoes.
The company noted that sales were strongest in the retailer’s Western region followed by the Eastern and Central regions, respectively.
William Dillard, II, Dillard’s CEO, stated, “Our positive sales momentum continued into the first quarter. We believe this indicates our customer is more comfortable spending in this economic environment, and we hope the positive trend continues. We executed $35 million of share repurchases during the quarter, completing the amount authorized under our February 2016 program.”