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.