US fashion apparel retailer Dillard's Q1 FY21 sales rise to $1,328 mn

17 May '21

1 min read

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Dillard's Inc, a US based luxury department store chain, has reported sales growth to $1,328.5 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to the sales of $786.7 million in the corresponding period of previous fiscal. The company’s net income for Q1 FY21 increased to $158.2 million (Q1 FY20: loss $162.0 million).

“There are a lot of good things to say about this quarter. As vaccinations increased, stimulus money was released and warmer weather arrived, we saw sales increase over 2019 levels, with momentum continuing throughout the quarter,” Dillard's chief executive officer William Dillard, II said in a press release.

Cost of sales for the reported period grew to $774.1 million ($688.5 million), while selling, general and administrative expenses were $336.6 million ($290.4 million).

“We are pleased to report record performances in gross margin and earnings per share. With strong cash flow, we accomplished $59 million in share repurchase while still ending the quarter with $616 million in cash,” Dillard, II concluded.

Fibre2Fashion News Desk (JL)

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