US: Dillard's fourth-quarter profit rises on sales growth
- Q4 profit increased 14.1% to $161.4m
- Sales rose 6.9% to $2.11bn
- Full-year profit declined 27.6% to $336m
Department store chain Dillard's has seen its fourth-quarter profit rise after sales growth and efforts to control costs helped improve margins.
Net income reached US$161.4m for the 14 weeks to 2 February, up 14.1% from $141.5m last year. Excluding a $23.9m after-tax credit, Dillard's recorded net income of $137.6m, compared to $112.8m the year before.
Sales increased 6.9% to $2.11bn from $1.97bn the same period last year, while comparable store sales climbed 3%.
Growth was strongest in ladies' accessories and lingerie, as well as men's apparel and accessories. Gross margin improved to 34.4% from 33.9% the prior year.
Over the full-year, a 5.3% increase in sales to reach $6.59bn from $6.26bn last year was not enough to offset a decline in net profit. Net income declined 27.6% to $336m, compared to $463.9m the prior year.
Dillard's CEO William Dillard said: "We are pleased to report a strong finish to a very successful year at Dillard's. Our positive sales performance and gross margin expansion combined with expense control drove strong cash flow throughout the year.
Department store retailer Dillard's has reported a 17.7% increase in second quarter profit, thanks to improved margins and higher comparable store sales. ...
- Why China 5-year plan won't change garment-making
- ‘Fixing Fashion’ one stitch at a time
- Freeing up working capital in the supply chain
- Navigating a turbulent sourcing landscape
- Hungary offers a mix of strengths and weaknesses
- US Q3 in brief: Burlington Stores, Guess, Chico's
- German sustainable textile scheme heads to Vietnam
- Golden Lady creates a new man-made fibre
- China and ASEAN upgrade FTA
- 3D tool uses product data to shake up shopping
- Wearable technology: The future market potential for smart garments and e-textiles
- Practical Brand Sourcing Strategy
- Statistics: Trends in Global and Regional Man-made Fibre Production - 2015
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Trade and Trade Policy: The World’s Leading Clothing Exporters and Key Markets 2015