Dillard's returns to profitability
August 13, 2010-- Home Textiles Today,
Little Rock, Ark. - Fatter margins and lower inventory rates helped push Dillard's second quarter net income into the black.
For the quarter ended July 31, net income was $6.8 million, or 10 cents per share, compared to a year-ago net loss of $26.7 million, or 36 cents per share. Gross margin improved by 270 basis points of sales and inventory was 6% lower.
Total sales - which include the company's CDI Contractors, a construction business - declined 2.8% to $1.389 billion. Merchandise sales slipped 1% to $1.37 billion.
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