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08/11/2022

Dillard's Q2 Sales Soften, Comps Flat

Despite slower sales in the second quarter, the department store reported strong growth through the first half of 2022.
Greg Sleter
Associate Publisher/Executive Editor
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Dillard's

Second quarter net sales at Dillard’s were up slightly as the department store retailer reported flat year-over-year comparable store sales.

For the quarter ended July 30, total net sales were $1.589 billion, up from net sales of $1.570 billion in the comparable quarter the previous year. Net sales includes the operations of the company’s construction business, CDI Contractors, LLC (CDI)..

Total retail sales in the quarter were $1.553 billion, compared with net sales of $1.539 billion in the second quarter of 2021.Net income was $163.4 million compared to net income of $185.7 million with earnings per share of $9.30 up from earnings per share of $8.81 in the second quarter the previous year.

Stronger performing categories included men’s apparel and accessories and cosmetics. Ladies’ apparel was the weakest performing category, the retailer said.

“Business softened in the quarter as we lapped the strongest second quarter in our history,” said William T. Dillard II, company CEO. “Our first half performance was far better than last year’s with net income up 21% and earnings per share up 44%.”

Net sales for the 26 weeks ended July 30 were $3.2 billion, up from 2021 first half net sales of $2.899 billion. Total retail sales (which excludes CDI) for the 26-week periods ended July 30, 2022 and July 31, 2021 were $3.133 billion and $2.836 billion, respectively. Total retail sales for the first half increased 10% with comparable store sales also up 10%.

The company has announced the upcoming closing of locations in Sikes Senter in Wichita Falls, Tex., and East Hills Mall in St. Joseph, Mo. Both locations are expected to close during the third quarter. Dillard’s confirmed its commitment to The Empire Mall in Sioux Falls, S.D. The new store is expected to open in the fall of 2023 and will mark the company’s 30th state of operation