US-based department store chain Dillard’s has reported a 29.3% increase in net sales to $2.11bn in the fourth quarter (Q4) of the fiscal year 2021 (FY21), up from $1.57bn in the same period a year earlier.

For the 13 weeks to 29 January, the retailer posted a net income of $321.2m, a 130% surge from $67m in Q4 2020.

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For the full year, Dillard’s reported a profit of $862.5m, having registered a loss of $71.7m in FY20.

The company’s full-year net sales were $6.49bn, an increase from $4.3bn in the previous year.

Its comparable retail sales grew by 37% in Q4 and its operating expenses were $440.9m, which was 20.9% of its sales.

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Dillard’s made a share repurchase worth a total of $150.8m in Q4.

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For the full year, the company’s comparable retail sales grew by 8%.

Its operating expenses for 2021 were $1.53bn, which represented 23.7% its of sales, an increase from $1.21bn in FY20.

The firm had a share repurchase programme of $561.1m for the full year.

Dillard’s CEO William T. Dillard, II stated, “We ended FY21 on a very strong note, with a fourth consecutive record quarter.

“Our fiscal year net income of $41.88 to a share exceeds any annual performance in our history.

“Importantly, during the year, we returned $866m to our shareholders through dividends and share buyback, while still ending the year with $717m in cash.”

Dillard’s plans to open a 160,000ft² store at University Place in Orem, Utah, next month.

Later this year, the company will also open a remodelled store at Westgate Mall in Amarillo, Texas, to replace a leased building at the mall.

Dillard’s currently operates a total of 250 outlets and 30 clearance centres across 29 states, as well as an online store.