|
Retailers' results cash in
|
 |
May 13, 1999: 10:57 a.m. ET
Dillard's, Gap and Lands' End all beat expectations on strong sales growth
|
NEW YORK (CNNfn) - Two of the nation's leading retailers closed the first quarter with more cash in their registers than analysts expected, while one player in the catalog business proved more robust than some had hoped.
Dillard's Inc. (DDS), the parent company of Dillard's Department Stores, closed the first quarter with earnings of $66.9 million, or 63 cents per diluted share, compared to profits of $63.1 million, or 58 cents per share, a year earlier. Analysts had expected Dillard's to duplicate last year's 58 cents per share profit.
Officials of the nation's eighth-largest retailer attributed the gain to a strong increase in net sales -- up 26 percent for the quarter to $2.1 billion -- particularly during the Easter shopping season. Dillard's comparable store sales increased 4 percent from last year.
Specialty retail giant Gap Inc. (GPS) also found its balance sheet once again in style after announcing first quarter earnings of $202 million, up 49 percent from the $136 million it posted last year.
That resulted in an earnings per share gain of 34 cents, up from 22 cents per share last year and two pennies higher than the 32 cents a share Wall Street expected.
The Gap posted record net sales for the quarter of $2.3 billion, compared to $1.7 billion a year ago. Comparable store sales were up 11 percent.
Meanwhile, catalog retailer Lands' End Inc. found plenty of customers browsing its pages.
The Dodgeville, Wis.-based retailer posted net income of $6.5 million, or 21 cents per diluted share, for the fiscal first quarter ended April 30. That was a full nickel higher than analysts' expectations and four cents above a year ago.
Company officials attributed the sales growth to better-than-expected sell-through on liquidations and continued catalog growth. Net sales for the quarter finished at $289.6 million compared to $268.6 million a year earlier. 
|
|
|
|
|
 |
|
