Dillard's Net Kicks Up 85 Percent in Third Quarter
LITTLE ROCK, Ark.-In a record-breaking result, Dillard's posted net income of $26.6 million in the third quarter, a resounding 85 percent ahead of its third-quarter profit from last year.
As explained by CEO William T. Dillard II, the department-store retailer benefited from a healthy sales performance and its ability to control and leverage expenses. Net sales rose 2.9 percent to $1.4 billion, which included a 5 percent increase in same-store sales.
Advertising, selling, general and administrative expenses rose by just 1.6 percent in dollars and lost 30 basis points as a percentage of sales, to 29.3 percent. Gross margin picked up 20 basis points to finish the quarter, which ended on Oct. 29, at 36.4 percent.
"This record-setting third-quarter performance further solidifies our confidence in our strategy as we enter the holiday season," Dillard said.