Dillard’s Back in Black in 3Q
November 23, 2009,
An income tax benefit helped push Dillard’s into a profit during the third quarter.
The recent quarter’s results included a $10.6 million income tax benefit, or 14 cents per share, from a state administrative settlement and a change to a capital loss valuation allowance.
But Dillard’s also saw gross margin increase by 420 basis points. Inventory dropped 22%, and the company carved out $88.6 million in operating expense savings.
Merchandise sales fell 11% to $1.4 billion, while comps declined 9%.
“We continued to benefit from our improvements in inventory management, where we have focused on more conservative purchasing combined with efforts to better match the timing of receipts with demand,” said ceo William Dillard II.
For the first nine months of the year, net loss narrowed to $11 million, or 15 cents per share, from a loss of $91.7 million, or $1.23 in the year-ago period.
Sales fell 11% to $4.26 billion.
Related Content By Author
1200 Suppliers are Ready for You at Intertextile Shanghai
Home & Textiles Today eDaily
Most Viewed Articles
See the August 2017 issue of Home & Textiles Today. In this issue, we look at the Top 50 Retailing Giants Report, plus Manufacturing: Made in the USA gaining ground; International: Portugal ramping up exports; New products: NY Now home textiles introductions; Outlook: Commentary from H&TT's editors; and Planning: Trade show calendar.