LITTLE ROCK, Ark.—Dillard’s turned in a strong fourth quarter and ended its fiscal year with net income that exceeds any in the department store chain’s history, the company announced this morning.
Total retail sales increased 37%, to $2.078 billion, in the period ended Jan. 29, 2022. Sales in comparable stores for the period increased 37%.
Compared to the fourth quarter of 2019, comparable retail sales increased 12% for the fourth quarter of 2021. Also, comparing to the fourth quarter of 2019, sales of cosmetics and juniors’ and children’s apparel significantly outperformed the other categories, the company said.
Net income in the quarter was $321.2 million, compared to net income of $67.0 million in the prior-year period.
During the fiscal year, total retail sales increased 53% compared to the prior year, and comp store sales rose 8% compared to fiscal year 2019. Fiscal year net income of $862.5 million compared to a net loss in the prior fiscal year of $71.7 million.
“We ended fiscal 2021 on a very strong note with a fourth consecutive record quarter,” said CEO William T. Dillard, II. “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.”
The company also announced that it would open a new 160,000 square-foot location at University Place in Orem, Utah, in mid-March of this year, replacing Provo Towne Centre in the same market. The company will also replace a leased building at Westgate Mall in Amarillo, Texas, with a newly remodeled owned facility this fall.