Dillard's Net Jumps 80 Percent in Third Quarter
LITTLE ROCK, Ark.-Third-quarter net income for Dillard's rose 80 percent to $14.4 million, thanks to the retailer's efforts and inventory and expense controls.
Controls on inventory, which for comparable stores declined 2 percent, helped push up gross margin by 190 basis points to 36.3 percent. Advertising, selling, administrative and general expenses edged down 0.9 percent on a dollar basis. These factors helped offset a reduction of 1.1 percent in net sales, which finished the quarter (which ended Oct. 30) at $1.3 billion.
William T. Dillard II, Dillard's chief executive officer, said the third-quarter performance "reflects our continuing and firm resolve to effectively manage and improve inventory, to control expenses and to seek the best uses for our strong cash flow."