Dillard's 2Q Net Jumps 76 Percent
LITTLE ROCK, Ark.-A combination of increased sales and expense controls helped Dillard's boost its second-quarter bottom line by 76.1 percent, to $31 million.
Net sales in the quarter, which ended on July 28, rose 3.2 percent to $1.5 billion, including a gain of 3 percent in same-store sales. A Dillard's statement said sales were particularly strong in ladies' accessories, lingerie, shoes and cosmetics. Home and furniture were among the weaker performers in the retailer's sales mix.
Gross margin rose 44 basis points to 33.6 percent. Operating expenses (including advertising, selling, general and administrative costs) edged up 0.7 percent in dollars but fell back 65 basis points as a percentage of sales, to 26.8 percent.
William T. Dillard II, Dillard's CEO, credited the company's "notable improvement" in operating results to the sales gains and expense controls.