It’s been a hectic time in the department store sector, but instead of focusing on making headlines, spinning off the business or overhauling the board of directors, Dillard’s has instead stayed out of the limelight and focused on running a profitable business.
For the first quarter of fiscal 2022 — the 13 weeks ending April 30 — Dillard’s saw retail sales increase by 23% year over year, according to a company press release Thursday (May 12). The company also achieved net income of $251.1 million, up from $158.2 million in fiscal 2021.
Q1 net sales were $1.612 billion, up from $1.329 billion a year ago. Total retail sales were $1.581 billion, compared to $1.297 billion the previous year, with men’s apparel and accessories, ladies’ apparel, and juniors’ and children’s apparel among the best-selling items.
“Our customer responded well to our merchandise in the first quarter producing a 23% increase in same-store sales,” said Chief Executive Officer William T. Dillard II in the company press release. “We ended the quarter with $862 million in cash after share repurchases totaling $187 million.”
Dillard’s closed a clearance center at University Mall in Tampa, Florida, and opened a new 160,000-square-foot location at University Place in Orem, Utah, during the first quarter of fiscal 2022, replacing the Provo Towne Centre outpost.
The company will also replace a leased building at Westgate Mall in Amarillo, Texas, with a remodeled facility in the fall.
There are 251 Dillard’s locations, 29 clearance centers in 29 states and an internet store at dillards.com.
Earlier this week, Kohl’s shareholders rejected a bid by an activist investor to remove 10 members of the retailer’s board of directors. The company’s 13 directors were re-elected at Kohl’s annual shareholder meeting after pressure by Macellum Advisors GP LLC, which wants the retail chain to consider changes such as selling and leasing back real estate and selling the company outright.