US: Dillards adjusted Q3 profit up on sales gains
- Adjusted Q3 net profit reached $46.1m
- Sales grew 4.8% to $1.4bn
- Comparable store sales rose 5%
Department store chain Dillards has nearly doubled its adjusted third-quarter profit, helped by sales gains.
The company today (8 November) said adjusted net income reached US$46.1m over the quarter ended 27 October, against $25.7m in the same period of the prior year.
Sales grew 4.8% to US$1.4bn. Merchandise sales increased 4% over the quarter, as comparable store sales rose 5%. The company said sales trends were strongest in men's apparel and accessories, ladies accessories and lingerie and shoes.
"Driven by a strong 5% sales increase, we were able to double our earnings per share for the third quarter on top of a record performance last year (after non-routine items)," said CEO William Dillard.
"We are pleased with our gross margin improvement and expense control during the quarter as well as with our ending inventory level. We are entering the holiday season confidently based on these strong results and we look forward to serving our customers at the highest possible level in the coming weeks."
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