US: Dillard's posts fourth-quarter earnings jump
US department store chain Dillard's saw fourth-quarter net profit jump 29.1%, with a rise in sales also boosted by a tax credit.
For the quarter ended 28 January, net income rose 29.1% to $141.5m, as the company recorded a US$28.7m post-tax credit relating to the settlement of a lawsuit with JDA Software Group.
Over the period, sales were up 1.86% to $1.97bn, as comparable-store sales rose 3%.
Over the full-year, net income surged 158.3% to $463.9m. Excluding a series of one-off gains, the company said it would have recorded profit of $229.4, a "record-setting" performance. Sales increased by 2.3% to $6.3bn. Full-year comparable-store sales increased by 4%.
"We are pleased with our progress in 2011 where we delivered a record setting performance," said CEO William Dillard.
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Department store chain Dillard's recorded a 76% surge in second quarter profits, boosted by stronger revenues and an improvement in gross margins....
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