Dillard’s Inc. employed modest expense reduction to squeeze higher profits out of flat sales in the first quarter.
The Little Rock, Ark.-based department store group reported that in the three months ended May 4, net income expanded 23.4 percent to $117.2 million, or $2.50 a diluted share, from $95 million, or $1.89, in the 2011 quarter. Adjusting for special items, earnings per share for the quarter was $2.40, 31 cents above the $2.09 expected, on average, by the two analysts who supply estimates.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"