Dillard’s, Inc. reported net income for the 14 weeks ended February 3, 2018 of 157.6 million dollars or 5.55 dollars per share, compared to 56.9 million dollars or 1.72 dollars per share, for the 13 weeks ended January 28, 2017. Net sales for the quarter including construction business, CDI Contractors, LLC were 2.061 billion dollars against 1.936 billion dollars for the 13 weeks ended January 28, 2017. Total merchandise sales increased 7 percent with sales in comparable stores increasing 3 percent for the period.
“The positive sales trends we noted at the end of the third quarter continued through the fourth. Our 3 percent comparable store sales increase combined with gross margin improvement and relative expense control led to a notable increase in pretax income for the quarter. We are working to keep this momentum into 2018," said Dillard’s Chief Executive Officer, William T. Dillard, II, in a statement.
Fourth quarter review of Dillard’s results
The company said, included in net income for the quarter is an estimated tax benefit of about 77.4 million dollars or 2.73 dollars per share related to the Tax Cuts and Jobs Act of 2017.
Total merchandise sales excluding CDI were 2.025 billion dollars compared to 1.896 billion dollars for the 13-week period ended January 28, 2017. Sales of ladies' apparel, juniors' and children's apparel and men's apparel and accessories, the company said, were above the average company sales trend during the fourth quarter. Sales were slightly below trend in cosmetics and ladies' accessories and lingerie, home and furniture and shoes. Sales were strongest in the Western and Eastern regions followed by the Central region.
For the 53 weeks ended February 3, 2018, Dillard’s reported net income of 221.3 million dollars or 7.51 dollars per share compared to 169.2 million dollars or 4.93 dollars per share, for the 52 weeks ended January 28, 2017. Included in net income for the 53-week period, Dillard’s added, is a pretax gain on disposal of assets of 4.9 million dollars or 3.2 million dollars after tax or 0.11 dollar per share and 0.8 million dollars or 0.5 million dollars after tax loss on extinguishment of debt. Also included in net income for the fiscal year is an estimated tax benefit of approximately 77.4 million dollars or 2.62 dollars per share related to the Tax Cuts and Jobs Act of 2017.
Net sales for the year were 6.262 billion dollars compared to 6.257 billion dollars for the 52 weeks ended January 28, 2017. Total merchandise sales for the period were 6.108 billion dollars against 6.071 billion dollars for the 52-week period ended January 28, 2017, increasing 1 percent. Sales in comparable stores remained unchanged on a percentage basis for the 52-week period.
At February 3, 2018, the company operated 268 Dillard’s locations and 24 clearance centers spanning 29 states along with an internet store at Dillards.com.