US-based upscale department store chain Dillard’s has recorded $3.13bn in total sales for the first half (H1) of the fiscal year 2022 (FY22), up by 10% from the corresponding period of FY21.
The company’s comparable store sales for the 26 weeks to 30 July also increased by 10%.
Dillard’s reported net income was $414.5m, up from $343.9m in the prior-year period, while its earnings per share (EPS) for H1 2022 were $23.07, compared with $16.03 a year earlier.
The retailer’s consolidated gross margin for the six-month period was 43.7% of its sales, against 41.3% of its sales in FY21, while its retail gross margin improved by 240 basis points of its sales to 44.5% during the half.
Dillard’s CEO William Dillard II said: “Business softened in the quarter as we lapped the strongest second quarter in our history.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“Our first half performance was far better than last year’s with net income up 21%, earnings per share up 44% and gross margin up 240 basis points.
“We repurchased $412m of stock during the half versus $171m last year.”
For the second quarter (Q2) of FY22, Dillard’s total retail sales were $1.55bn, up by 1% from $1.54bn in Q2 2021.
The company’s sales were driven by strong performance in its men’s apparel and accessories and cosmetics categories.
Its net income for the 13-week period dropped from $185.7m to $163.4m year-on-year, while its EPS increased from $8.81 to $9.30 compared with Q2 2021.
Dillard’s retail gross margin for Q2 declined by 20 basis points of its sales to 41.5%, compared to 41.7% a year earlier.
As of 30 July, the company operated 250 stores and 29 clearance centres in 29 US states, as well as an e-commerce service at dillards.com.