US: Dillard's Q1 profit rises 23.4%
- Q1 profit jumped 23.4% to $117.2m
- Sales flat at $1.55bn
- Gross margin improved to 39.5%
Department store retailer Dillard's has posted a 23.4% increase in first-quarter profit, helped by one-time gains, expense control and better margins.
Net income reached $117.2m for the 13 weeks to 4 May, compared to $95m in the same period last year. Gains included $7.6m from the sale of an investment and $1m on a pension adjustment, which were partially offset by $4.2m in impairment and store closing charges.
Net sales remained flat at $1.55bn, while comparable store sales climbed 1%.
The company said sales trends were strongest in ladies' accessories and lingerie as well as juniors' and children's apparel. Meanwhile, sales were weakest in the home and furniture category.
Gross margin improved 130 basis points of sales to 39.5% from 38.2% last year.
CEO William Dillard said: "We are reporting a strong start to 2013 in spite of unseasonably cool weather. Positive comparable stores sales and gross margin expansion combined with good expense control led to another quarter of record profitability at Dillard's."
Help test our new apparel sourcing tool.
Department store retailer Dillard's has reported a 4.9% increase in third-quarter net profit, helped by higher sales and well-controlled expenses....
- No US rush to Myanmar despite end to sanctions
- Using worker surveys to drive supply chain change
- Where does VF supply chain sit in growth strategy?
- Investment continues in Ethiopia clothing sector
- Rana Plaza four years on – Timeline of change
- Driving ban intensifies Myanmar logistics hurdles
- Amazon wins on-demand apparel manufacturing patent
- Trump bolsters "buy American" with executive order
- Start-ups chosen to re-think fashion industry
- Inditex, Adidas and Patagonia top ethical report
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Myanmar - ISA Country Report
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts