Dillard's Q1 Sales Down Slightly

First quarter sales at Dillard’s were down slightly as the regional department store reported a modest decrease in comparable store sales.

For the 13 weeks ended May 3, total sales were $1.529 billion, down from sales of $1.549 billion in the first quarter of the previous fiscal year. Net sales include the operations of the company’s construction business, CDI Contractors, LLC. 

Total retail sales were down 2%, with comparable store sales down 1%. Net income was $163.8 million, or $10.39 per share, down from net income of $180 million, or $11.09 per share, in the comparable quarter the previous year.

“We turned in a relatively good first quarter in light of the prevailing economic uncertainty,” said William T. Dillard II, CEO of Dillard’s. “We kept expenses under control and reported a healthy gross margin. After repurchasing $98 million in stock, we had $1.2 billion in cash and short-term investments remaining.”

Total retail sales (which excludes CDI) for the 13 weeks ended May 3 were $1.468 billion, down slightly from retail sales of $1.493 billion in the same quarter the previous year. 

Stronger performing categories were juniors’ and children’s apparel, and men’s clothing and accessories. Weaker performing categories were home and furniture, shoes, and ladies’ apparel.

The company operates 272 Dillard’s stores, including 28 clearance centers, spanning 30 states and its Internet store at dillards.com.