Dillard's Reports Record Q4, Finishes Year With $862M Profit


Dillard's Inc. of Little Rock (NYSE:DDS) on Tuesday reported a fourth straight record quarter, finishing a fiscal year that saw it return to profitability after pandemic-related losses in 2020.

The department store chain reported fourth-quarter earnings of $321.2 million, or $16.61 per share, compared to $67 million, or $3.05 per share, in the same period a year ago. 

Revenue for the period was $2.11 billion.

For the full year, the company reported net income of $862.5 million compared to a net loss of $71.7 million in fiscal 2020. It posted annual earnings of $41.88 per share, which CEO William Dillard II said was the best in company history. 

Included in net income for the year is a pretax gain of $24.7 million primarily related to the sale of three store properties. Also included is a net tax benefit of $18 million from a deduction related to a special dividend of $15 per share the company paid. 

Revenue for the year was reported as $6.49 billion. Total retail sales increased 53% but the company did not report comparable sales data from 2020 due to store closures that year. 

Dillard's repurchased about of $561.1 million in stock, or about 3.2 million shares, during fiscal 2021. It ended the year with $717 million in cash. 

Dillard's announced that it will open a new 160,000-SF location at University Place in Orem, Utah, in March, replacing Provo Towne Centre in the same market. The company will also replace a leased building at Westgate Mall in Amarillo, Texas, with a newly-remodeled store that it owns in the fall.

The company currently operates 250 locations and 30 clearance centers across 29 states.