Dillard's Department Stores founder and chairman William Dillard cut the ribbon on the national retail chain's new store at Murray's Fashion Place mall Tuesday, officially opening for business the first of several stores the company says it plans for Utah.
Prior to Tuesday's grand opening, some 245 new employees of the store - completely renovated since vacated by Weinstock's last January - spent the weekend getting $20 million in new merchandise on the racks and shelves.Dillard's becomes the third "anchor" store at Fashion Place, including ZCMI and Nordstrom. The new store on the mall's north end encompasses 180,000 square feet on four levels.
The new department store joins 224 other Dillard's located in 28 states.
Meanwhile Tuesday, from its headquarters in Little Rock, Ark., Dillard's announced that sales for the third fiscal quarter ended Oct. 30 increased 5 percent to $1.22 billion over the same period last year.
Comparable store sales increased 3 percent.
Income before income taxes increased 15 percent to $80.87 million for the third quarter over the fiscal 1992 period.
The company said that included in income tax expense for the three and nine months ended Oct. 30 is a charge of approximately $8 million, or 7 cents per share, for the retroactive effect of the Omnibus Budget Reconciliation Act of 1993, which raised the federal income tax rate by 1 percent effective Jan. 1.
Dillard's net income for the third quarter was $42.37 million, down from $44.42 million last year. Earnings per share were 38 cents (45 cents excluding the effect of the retroactive tax increase) this year and 40 last year.
Average shares outstanding were 112.84 million for the quarter this year and 112.21 million last year. Dillard's stock is traded on the New York Stock Exchange.
For the nine months ended Oct. 30, sales totaled $3.49 billion, up 10 percent from $3.17 billion for the period last year. Sales for comparable stores increased 4 percent.
Net income for the first nine months was $129.79 million, up from $125.97 million. Earnings per share were $1.15 ($1.22 excluding the effect of the retroactive tax increase) this year and $1.12 last year.