Dillard’s Q3 profit jumps on lower inventory and expense control
Little Rock, Ark. Dillard's said Friday its third-quarter profit surged 80% benefiting from improved margins, reduced expenses and lower inventory.
The department store operator reported net income of $14.4 million for the period ended Oct. 30, up from $8 million a year ago. Revenue dipped 1% to $1.37 billion from $1.39 billion.
Dillard's lowered its advertising, selling, administrative and general expenses to $398.5 million from $402.1 million during the quarter.
The chain said its gross margin from retail operations improved because of its tightened inventory which led to fewer markdowns.
Inventory at stores open at least a year fell 2%.