Dillard’s, Inc. (NYSE: DDS) (the “Company” or “Dillard’s”) announced operating results for the 13 weeks ended May 1, 2021.
Selected Financial Metrics of the First Quarter (Compared to the Prior Year First Quarter)
- Total retail sales increased 73%.
- Net income of $158.2 million compared to a net loss of $162.0 million
- Net income of $7.25 per share compared to net loss of $6.94 per share
- Retail gross margin of 42.7% compared to 12.8%
- Inventory decreased approximately 17%
- Operating expenses were $336.6 million (25.3% of sales) compared to $290.4 million (36.9% of sales).
- Share repurchases of $58.8 million during the quarter
- Cash flow from operations of $302.4 million compared to $111.1 million of cash used in operations
- Ending cash of $616 million compared to $70 million
Stronger performing categories were juniors’ and children’s apparel, men’s apparel and accessories and ladies’ accessories and lingerie.
Dillard’s Chief Executive Officer William T. Dillard, II stated, “There are a lot of good things to say about this quarter. As vaccinations increased, stimulus money was released and warmer weather arrived, we saw sales increase over 2019 levels, with momentum continuing throughout the quarter. We are pleased to report record performances in gross margin and earnings per share. With strong cash flow, we accomplished $59 million in share repurchase while still ending the quarter with $616 million in cash.”
Dillard’s stock quickly jumped nearly 8% after Q1 announcement.
The Company operates 250 Dillard’s locations and 31 clearance centers spanning 29 states.
About Dillard’s, Inc.
Dillard’s was founded by William T. Dillard in 1938 in Nashville, Arkansas with an $8,000 investment in a hometown department store. Today, Dillard’s, Inc. ranks among the nation’s largest fashion retailers – operating 250 Dillard’s locations and 32 clearance centers spanning 29 states and an Internet store at www.dillards.com. The company focuses on delivering style, quality and value to its customers by offering premium fashion apparel, beauty and home collections from both national and exclusive brand sources. Dillard’s complements this curated merchandise assortment with exceptional, client-focused customer care.