RTTNews | May 14, 2021 10:14AM EDT

10:14 Friday, May 14, 2021 (RTTNews.com) - Shares of department store chain Dillard's, Inc. (DDS) are up more than 23% Friday morning after reporting upbeat first-quarter results.

The company reported net income of $158.2 million or $7.25 per share compared with net loss of $162.0 million or $6.94 per share in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $1.54 per share.

Net sales for the quarter increased to $1.329 billion from $786.7 million, driven by 73% growth in retail sales.

"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. 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's Chief Executive Officer William T. Dillard, II stated.

DDS touched a new high of $128.99 this morning, before sliding to trade at $126.61 currently.

Read the original article on RTTNews ( https://www.rttnews.com/3194949/stock-alert-dillard-s-gains-23-on-better-than-expected-results.aspx)

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