UPDATE 1-Dillard's same-store sales beats Wall Street forecasts

Thu Nov 8, 2012 8:21am EST

Nov 8 (Reuters) - Department store chain Dillard's Inc on Thursday reported a higher quarterly adjusted profit, helped by strong gains in sales that handily beat Wall Street's expectations.

Same-store sales, or sales at stores open at least a year, rose 5 percent, beating Wall Street projections for a 3 percent rise, according to Thomson Reuters I/B/E/S/. Net sales rose 4.8 percent to $1.45 billion. At Macy's Inc, Dillard's most direct rival, same-store sales rose 3.7 percent.

Dillard's posted net income of $48.5 million, or $1.01 per share, in the quarter ended Oct. 27, compared with $228.2 million, or $4.31 per share, a year earlier.

Excluding one-time tax items including a large credit last year, Dillard's earned 96 cents per share in the quarter, double what it earned in the year-ago period.