Posted 12/10/2012 12:00 am
Updated 5 months ago
And here’s more news from Dillard’s Inc.: The Little Rock retail chain is back in the business of building stores.
The last time Dillard’s opened a new store was in early 2010. Back then, its stock price was trading in the neighborhood of $20 a share. Just last week, shares were selling in the high $80s.
Last week, as you may recall, Dillard’s revealed its plans to build a 200,000-SF store in Las Vegas. That came on the heels of Dillard’s announcing that it was building a 126,000-SF store in Denton, Texas.
And in April, Dillard’s said it was building a 180,000-SF location in The Mall at University Town Center in Sarasota, Fla.
All locations are expected to be open in the fall of 2014.
“We’re just seeing more opportunities for construction than we have in the past couple of years,” said Dillard’s spokeswoman Julie Bull.
This is a departure from Dillard’s habit of closing underperforming stores. In October 2010, it operated 296 stores; two years later it was down to 284.
Of course, the construction will be handled by CDI Contractors LLC, which is a subsidiary of publicly traded Dillard’s, which segregates and reports CDI’s financial results every quarter.
And all indications are that CDI has seen more business lately. For the three quarters that ended Oct. 27, CDI’s sales were $84.14 million, up 82.55 percent from the same period in 2011.
CDI’s gross profit jumped more than 1,000 percent to $3.78 million for the first three quarters of this year compared with the same period in 2011.