Dillard’s Q4 profit up 38% on improved sales

Little Rock, Ark. -- Dillard's said Tuesday that its net income grew 38% in the fourth quarter as its sales improved and the retailer controlled expenses and inventory.

Dillard's earnings rose to $109.6 million in the three months ended Jan. 29, compared with $79.5 million one year earlier.

Sales rose 5% to $1.93 billion from $1.83 billion, with merchandise sales up 6% to $1.91 billion. The rest of its revenue comes from its CDI Contractors construction business. Same-store sales rose 7%.

The company said its annual profit more than doubled to $179.6 million. Net sales edged up to $6.12 billion from $6.1 billion.

Dillard's closed two stores during the quarter, and plans to close a location in Decatur, Ala., later this year. At the end of the fiscal fourth quarter it operated 294 stores and 14 clearance centers in 29 states.

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