Cosmetics, Juniors and Kids Spur Dillard’s Business in Q4

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The department store chain posted record net income levels for the year.

Included in net income for the prior year fourth quarter are pretax asset impairment and store closing charges of $10.7 million and a net tax expense of $19.4 million attributable to the Coronavirus Aid, Relief and Economic Security Act.sales for the period, which excludes the company’s construction business, were $2.1 billion, an increase of 37 percent from the $1.5 billion posted in the prior year.

“We ended fiscal 2021 on a very strong note with a fourth consecutive record quarter,” said William Dillard 2nd, chief executive officer. “Our fiscal year net income of $41.88 per share exceeds any annual performance in our history. Importantly, during the year, we returned $866 million to our shareholders through dividends and share buyback, while still ending the year with $717 million in cash.”

For the year, Dillard’s reported net income of $862.5 million, or $41.88 a share, compared to a net loss of $71.7 million, or $3.16 a share, in the prior fiscal year. Totalsales increased 53 percent to $6.4 billion, up from $4.1 billion in fiscal year 2020, and a comparable-store sales gain of 8 percent compared to fiscal 2019. Included in net income for the 52 weeks ended Jan. 29 is a pretax gain of $24.

The company did not host a call with analysts but did say it will open a 160,000-square-foot store at University Place in Orem, Utah, in mid-March which will replace a 200,000-square-foot unit in the Provo Towne Centre. It will also replace a leased building at Westgate Mall in Amarillo, Texas, with a newly remodeled owned facility this fall.

 

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