Dillard Department Stores Inc. said first-quarter profit rose 3.3 percent as sales climbed 4 percent.
The department store company said net income rose to $58.3 million, or 52 cents a share, better than the 51-cent average estimate of 18 analysts polled by IBES International Inc. A year earlier, the company earned $56.4 million, or 50 cents a share.Sales for the quarter ended May 3 rose to $1.52 billion from $1.45 billion.
During the quarter, Dillard said it plans to buy back as much as $300 million of its stock, or about 9.4 percent.
Dillard operates 255 department stores in 25 U.S. states that sell brand-name and private-label goods. The retailer is currently planning to expand its private label ladies and children's apparel.
The retailer is also expanding its store base. In 1996 it opened 15 new stores and expanded six others.