Department store chain Dillard’s has swung to a second quarter profit after improving its merchandise gross margin performance.
Net sales for the 13 weeks ended 31 July were US$1.389bn compared to $1.428bn in the prior year period.
Dillard’s chief executive officer, William T Dillard, II, said: “We are pleased to report continued improved results during the second quarter. We achieved solid improvement in merchandise gross margin as a result of our ongoing focus on better inventory management.
“Additionally, our strong cash flow enabled us to complete our $200m share repurchase program and end the quarter in a strong cash position. We are looking forward to the fall season with inventory in good shape and new merchandise arrivals thoughtfully planned.”
During the 13 weeks ended 31 July, Dillard’s closed its Helena, Montana store (65,000 square feet), and said it remains committed to closing underperforming stores where appropriate.
Click here to view the company’s full quarterly statement.
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