Dillard gained $95 million net income in Q1

Dillard's net income for the 13 weeks ended

April 28, 2012, was $95 million, compared to a net income of $76.7 million for the same period last year. Comparable store sales increased 5%.

Net sales for the 13 weeks ended April 28, 2012, were $1.549 billion compared to net sales for the 13 weeks ended April 30, 2011, of $1.469 billion. Net sales include the operations of the company's construction business, CDI Contractors, LLC ("CDI"). Total merchandise sales (which exclude CDI) were $1.522 billion during the first quarter. Sales in comparable stores increased 5%. Sales trends were strongest in the Central region, followed by the Eastern and Western regions.

Included in net income for the prior year first quarter is a $3 million net pretax gain ($1.9 million after tax or $0.04 per diluted share) consisting of a distribution from a mall joint venture and asset impairment and store closing charges.

Gross margin from retail operations (which excludes CDI) was 39% (of sales) for the 13 weeks ended April 28, 2012, compared to 39.1% for the prior year first quarter. Consolidated gross margin for the 13 weeks ended April 28, 2012, was 38.4% compared to 38.8% during the prior year first quarter. Inventory in comparable stores increased 1% at April 28, 2012, compared to April 30, 2011.

During the first quarter of 2012, the company announced the closure of its 70,000 square feet mall at Hutchinson, Kansas. The store is expected to close during the second quarter of 2012. At April 28, 2012, the company operated 287 Dillard's locations and 17 clearance centers spanning 29 states and an Internet store.