Apparel and home furnishing retailer Dillard's, Inc. (DDS) Thursday reported a higher profit for the fourth quarter, on improved revenues and better margins.
Comparable store sales, a measure used to compare sales of identical stores that have been open for a year or more, climbed 3 percent from the prior year. Shares of the Little Rock, Arkansas-based company is currently up over 10 percent.
Chief Executive Officer William Dillard, II, said,"In 2012, we will remain focused on creating a clearly distinctive shopping experience at Dillard's in merchandise selection as well as in customer service." Dillard's net income for the fourth quarter rose to $141.5 million or $2.77 per share from $109.6 million or $1.75 per share in the year-ago quarter.
Results for the quarter included an after tax credit of $28.7 million or $0.56 per share, towards settlement of JDA Software Group lawsuit settlement, while the prior year included $0.20 per share.
Excluding the credit, net income for the fourth quarter was $112.8 million or $2.21 per share, rising from $96.9 million or $1.55 per share for the prior year fourth quarter.
Net sales for the quarter grew to $1.970 billion from $1.934 billion in the year-ago quarter.
For the full year, adjusted net income surged to $229.4 million or $4.21 per share from $163.2 million or $2.43 per share for the prior fiscal year. Net sales for the year grew to $6.264 billion from $6.121 billion last year.
At the end of the reporting period, the company operated 288 Dillard's locations and 16 clearance centers spanning 29 states.
DDS is currently trading at $57.87, up $5.67 or 10.86%, on the NYSE. Over the past year, the stock traded in a range of $37.87 - $61.08.
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