Dillard's Posts $8 Million Net Income
LITTLE ROCK, Ark.-Dillard's turned a red bottom line into black in the third quarter, reporting $8 million in net income as opposed to a net loss of $56 million in last year's third quarter.
The department-store retailer managed this despite a 10 percent fall in net sales in the quarter, which included a 9 percent dropoff in merchandise sales in comparable stores, according to a statement from Dillard's. The company lopped off 18 percent from its advertising, selling, administrative and general expenses and trimmed 22 percent from its inventories. These moves, along with a 15 percent decrease in cost of goods sold, helped improve Dillard's bottom line.