By  on May 15, 2013

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.

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