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.