Dillard’s Posts Lower Net Income, Higher Earnings Per Share

Dillard’s reported lower net income in its first quarter, but higher earnings per share even as the mall and Internet-based retailer saw revenue shrink.

For the first quarter ended May 3, 2014, Dillard’s reported net income of $111.7 million, $2.56 per share, compared to net income of $117.2 million, $2.50 per share, for the 13 weeks ended May 4, 2013.

Revenues fell slightly to $1.588 billion in the quarter compared to $1.589 billion one year ago. Same-store sales climbed 2% higher.

“We reported record earnings per share of $2.56 compared to $2.50. Our 2% comparable store sales increase marks our 15th consecutive quarter of positive sales. Additionally, we executed $65.9 million of share buyback as a result of our strong cash flow,” said Dillard’s CEO Bill Dillard.

Other financial highlights of the quarter included

• Cash flow from operations of $161.9 million versus $136.9 million
• Share repurchase of $65.9 million (700,000 shares) of Class A Common Stock

Dillard’s stock (NYSE: DDS) closed trading on Thursday at $96.60 per share. The company’s stock has traded between $75.60 and $100.63 per share during the past year.