Little Rock, Ark. -- Dillard’s Inc. posted fourth-quarter net income of $161.4 million, up 14% over the year-ago period. It also reported its 10th consecutive quarter of same-store sales growth.
The department store company posted quarterly net sales of $2.106 billion, up 7% from $1.970 billion during the same quarter last year. (Net sales include the operations of the company's construction business, CDI Contractors LLC of Little Rock. Excluding CDI, total merchandise sales were $2.087 billion, up 7% from $1.946 billion during the same quarter last year.)
Same-store sales were up 3%.
"We are pleased to report a strong finish to a very successful year at Dillard’s," said Dillard’s CEO William T. Dillard II. "Our positive sales performance and gross margin expansion combined with expense control drove strong cash flow throughout the year. As a result, we were pleased to return cash to shareholders in the form of a $5 special dividend during the fourth quarter. Additionally, we purchased $185.5 million of Class A common stock during the year. As we mark our 75th year at Dillard’s this month, we are proud of our progress and excited about the future."
As of Feb. 2, Dillard's operated 284 stores and 18 clearance centers in 29 states.