US-based department store chain Dillard’s has recorded $1.61bn in net sales for the first quarter (Q1) of the fiscal year 2022 (FY22), compared with $1.33bn a year earlier.
For the 13 weeks to 30 April, the company’s total retail sales were $1.581bn, up by 22% against $1.3bn in the three months to 1 May last year.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The figure excludes Dillard’s construction business, CDI Contractors.
Dillard’s comparable stores sales for Q1 increased by 23% from a year earlier.
Sales were driven by stronger performance in the company’s men’s apparel and accessories, ladies’ apparel and juniors’ and children’s apparel categories.
Dillard’s net income grew from $158.2m in Q1 2021 to $251.1m, while its earnings per share were $13.68, against $7.25 a year previous.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company’s retail gross margin increased to 47.3% of its sales this year compared with 42.6% of sales in FY21.
Its inventory rose by 4% in Q1, following a 17% decrease in the first quarter of last year.
Dillard’s CEO William Dillard said: “Our customer responded well to our merchandise in the first quarter, producing a 23% increase in same-store sales.
“From this strong sell-through, we reported a record high retail gross margin of 47.3%, leading to net income of $251m, or $13.68 per share.
“We ended the quarter with $862m in cash, after share repurchases totalling $187m.”
Dillard’s expects its capital expenditures for FY22 to be $150m, compared with $104m in FY21.
The company operates a network of 251 locations and 29 clearance centres across 29 US states, as well as an e-commerce service.
During Q1, it opened a 160,000ft² location at University Place in Orem, Utah.
In February, Dillard’s reported a 29.3% increase in net sales to $2.11bn in the fourth quarter of FY21, a $1.57bn increase year-on-year.
