US: Dillard's Q3 profit grows on rising sales
- Q3 profit of US$50.9m, up from $48.5m
- Sales climbed 1.3% to $1.47bn versus $1.45bn
- Comparable store sales up 1%
Department store retailer Dillard's has reported a 4.9% increase in third-quarter net profit, helped by higher sales and well-controlled expenses.
Total merchandise sales reached $1.44bn for the 13 weeks to 2 November, up 1% on $1.43bn in the same period last year.
The company said sales trends were notably strong in ladies' accessories and lingerie, followed by shoes and ladies' apparel. By geography, sales trends were strongest in the Central region, as well as the Eastern and Western regions.
Dillard's CEO William Dillard said: "Another positive comparable store sales increase and expense control highlighted our third quarter at Dillard's, as did our aggressive execution of $187m of share buyback.
"In spite of a somewhat disappointing 30 basis point decline in merchandise gross margin, we were pleased to deliver increased net income.
"As we enter our 75th anniversary holiday season, we are looking forward to serving our customers nationwide at an exceptional level."
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