Dillard's 4Q profits jump by 54.5%
Staff -- Home Textiles Today, 3/11/2002 12:00:00 AM
LITTLE ROCK —
Launching a major earnings recovery after a long string of disappointing results, Dillard's Inc. said fourth-quarter profits jumped up by 54.5 percent, to $102.0 million from $66.0 million last year, fueled by stronger margins, lower costs and a cut in interest expense after paying off some long-term debt.
But stunted by a weak retail environment, particularly for high-price department stores, sales fell off by 4.8 percent, to $2.5 billion from $2.7 billion. Same-store sales declined by 1 percent.
Driving the big earnings improvement, Dillard's pared its costs by 70 basis points, to 22.6 percent of sales from 23.3 percent despite the dropoff in sales. Measured in dollars, costs were whittled down by 7.9 percent, to $571.0 million, a cash savings of $49.0 million. Average gross margin widened by 100 basis points, to 32.8 percent from 31.8 percent, even with the sales decline. And interest expense was cut by 16.1 percent, to $47.0 million from $56.0 million, generating another pre-tax savings of $9.0 million.
Dillard's Inc.
| Qtr. 2/2/02 (x000) | 2002 | 2001 | % chg |
| a-Fourth-quarter results include a $2 million asset impairment and store closing charge vs. $51 million a year ago; and a $1 million gain on the early retirement of debt vs. a $7 million year-ago gain. b-12-month results include a $4 million asset impairment and store closing charge vs. $51 million in 2001; and a $6 million gain on the early retirement of debt vs. $27 million last year |
|||
| Sales | $2,534,000 | $2,662,000 | -4.8 |
| Oper. income (EBIT) | 243,000 | 214,000 | 13.6 |
| Net income | 102,000a | 66,000a | 54.5 |
| Per share (diluted) | 1.21 | 0.78 | 55.1 |
| Average gross margin | 32.8% | 31.8% | — |
| SG&A expenses | 22.6% | 23.3% | — |
| 12 months | 2002 | 2001 | % chg |
| Sales | 8,155,000 | 8,567,000 | -4.8 |
| Oper. income (EBIT) | 378,000 | 492,000 | -23.2 |
| Net income | 72,000b | (6,000)b | — |
| Per share (diluted) | 0.85 | (0.06) | — |
| Average gross margin | 32.5% | 32.2% | — |
| SG&A expenses | 26.9% | 25.9% | — |
We would love your feedback!
-
Dillards Bounces Back Smartly
Jun 5, 2006 -
Dillard's Profits Tumble 29.4 Percent
May 30, 2005 -
Dillard's sees 4Q profits jump
Mar 6, 2002 -
Dillard's Inc. narrows loss
Aug 30, 2004 -
Dillard's doubles profits
May 17, 2004
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
