Dillard's Net Jumps 159 Percent in Second Quarter
LITTLE ROCK, Ark.-Dillard's enjoyed a whopping 159 percent boost in net income in its second quarter, to $17.6 million.
The department store retailer's profit rose thanks to pretax gains relating to the sale of an interest in a mall joint venture and on the sale of a store building. Net sales also helped a little by increasing 3.8 percent to $1.4 billion, including a healthy same-store sales gain of 6 percent.
Gross margin in the quarter, which ended on July 30, rose 20 basis points to 33.2 percent. Advertising, selling, general and administrative expenses edged up 1 percent in dollars and declined 70 basis points as a percentage of sales, to 27.5 percent.
William Dillard II, Dillard's CEO, said the second-quarter numbers "solidified a very successful first half of 2011. While we are monitoring the macro-economic environment closely, we will continue to work to create clear distinction at Dillard's with enhanced service levels to match our improving merchandise mix."