Dillard’s Department Stores saw its second quarter profits more than double from one year ago.
The Little Rock-based mall retailer reported quarterly net income of $17.6 million on revenue of $1.44 billion. One year ago, Dillard’s posted profits of $6.8 million on revenue of $1.39 billion.
Earnings per share jumped to $0.32 compared to $0.10 for the prior year second quarter.
Total merchandise sales increased 5% during the second quarter, while same-store sales increased 6%. The company has reported a strong quarter of sales.
Dillard’s CEO, William T. Dillard, II, said, “Our strong second quarter operating results solidified a very successful first half of 2011, essentially doubling our earnings per share to $1.66 from $0.80. While we are monitoring the macro-economic environment closely, we will continue to work to create clear distinction at Dillard’s with enhanced service levels to match our improving merchandise mix.”
Dillard’s stock has been on a tear for the better part of a year. On Thursday (Aug. 11), Dillard’s shares closed at $50.75, up 7.8% for the day. It’s 52-week range has drifted between $19.26 and $61.08 per share.