Dillard’s Reports Year End 2022 Results

Dillard’s is the first retailer to report sales and earnings for the fiscal year 2022. For the full year sales increases 5% from $6.9 Billion in fiscal 2022 and $6.4 Billion in fiscal 2021. Comparable sales increased 5%. Net income in 20-22 was $891.6 compared to $862.5 in the previous year. Earnings per share were $50.81 in 2022 compared to $41.88 in the previous year.

In the fourth quarter, which was difficult because of ice and snow storms just before the Christmas holiday, sales were unchanged from the previous year. Net income was $289.2 million compared to $321.1 million. Net income per share were in 2022 $16.89 compared to $16.61 in the previous year. Included in the 13- week report is a pretax gain of $13.8 million ($10.8 million after tax or 0.63 per share for he sale of two properties. Also included in the net income for thew 13 weeks ended January 28, 2020 are two tax-related benefits. On of the benefits pf $18.3 million ($0.98) per share due to a deduction related to that portion of the special dividend of $15.00 per share that was paid by the company during ghe quarter. There was also a benefit of $13.7 million ($0.80) per share income retailing to net operating loss carryforward.

Included in net income for the prior year was a federal income tax benefit of $18.0 million ($0.93 per share benefit)due to a deduction related to tghat special dividend of $15.00 per share that was paid to tghr Dillard’s Inc. Investment and Empoyee Ownership plan during the quarter.

William T. Dillard II stated: “We are entering our 85^th year of operation in a strong position with today’s results. Fiscal ear earnings per share of $50.81 seamed impossible just a couple of years ago but we have seen what we can do by controlling our inventory and focusing on our customer. From he resulting strong cash flow, we were happy to return $708 million to our share-holders and the majority of them are our associates”

During the fiscal year 2022 Dillard’s purchased $436.6 million (approx. 1,709,000 shares)lass A common stock at an average prices of $255.48 per share.

In the first quarter of fiscal 2023 the company will closed three stores. After the closing Dillard’s will operates 247 stores and 27 clearance centers (47.0 million square feet). The company plans to open a new 140,000 square foot store in Sioux Falls, South Dakota in the spring of 2024

POSTSCRIPT: The fourth quarter was tough, since weather prevented customers to shop freely. However, one has to admire Dillard’s for its excellent performance.