By  on May 15, 2011

Dillard’s Inc. appears to be winning the endorsement of both shoppers and investors as it tries to reposition itself as more of a luxe player.

Better sales and lower expenses helped lift first-quarter profits 57.2 percent, the firm reported Friday, and Wall Street responded by pushing the company’s shares up $7.41, or 15.3 percent, to $56, after they hit a 52-week high of $56.76 in midday trading.

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