Dillard's Finishes Second Quarter in the Black
LITTLE ROCK, Ark.--Dillard's reversed a second-quarter 2009 net loss of $26.7 million by turning in net income of $6.8 million in this year's second quarter.
Total merchandise sales in the quarter edged down 1 percent to less than $1.4 billion. But Dillard's chopped 1.2 percent from advertising, selling, general and administrative expenses in the quarter. In addition, the company improved its gross margin by 330 basis points to 34.5 percent.
William Dillard II, chief executive officer, said Dillard's boosted gross margin "as a result of our ongoing focus on inventory management." The company said it was also able to achieve savings in payroll and advertising expenses, which helped bolster the bottom line.