Reduced expenses and tightly managed inventories helped boost Dillard’s Inc.’s fourth-quarter net income 37.9 percent, the department store said late Tuesday.
For the quarter ended Jan. 29, Dillard’s registered a profit of $109.6 million, or $1.75 a diluted share, compared with income of $79.5 million, or $1.08 a share, in the year-ago quarter. Sales increased 6.6 percent to $1.91 billion, from $1.79 billion a year earlier. Analysts anticipated earnings per share of $1.38 on sales of $1.91 billion, according to Yahoo Finance.
Same-store sales grew 7 percent, as quarterly operating expenses as a percentage of sales totaled 22.8 percent, or $441.6 million, versus 23.5 percent, or $431 million, in 2010.
“We began 2010 well-positioned to achieve notable results, and we remained focused on our core initiatives throughout the year. We executed disciplined inventory management and controlled our expenses while seeking clear distinction in the mind of the fashion consumer,” said chief executive officer William Dillard 2nd. “We are energized by these results, and we are excited about the future of Dillard’s.”
Annual net income more than doubled to $179.6 million, or $2.67 a diluted share, compared with $68.5 million, or 93 cents, for the prior year. Sales rose 2.2 percent, to $6.02 billion from $5.89 billion, with same-store sales up 7 percent.
The retailer’s board authorized the Little Rock, Ark.-based company to repurchase up to $250 million of it Class A common stock, adding to the $18.7 million remaining under a $250 million authorization from last August.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia