Dillard’s Department Stores nearly doubled its second quarter profit in route to another stellar quarter of financial performance.
The Little Rock-based mall and online retailer reported second quarter 2012 net income of $31 million on revenue of $1.525 billion.
One year ago, Dillard’s reported net income of $17.6 million on sales and income of $1.476 billion.
“Continuing on the momentum of a successful first quarter, we are proud to report a 97% increase in second quarter earnings per share. Our 3% sales increase combined with gross margin improvement and control of our expenses enabled us to report a notable improvement in operating results today,” said CEO William T. Dillard, II. “Additionally, with strong cash flow during the quarter, we repurchased $134.6 million of Class A Common Stock under our share repurchase program.”
Highlights of Dillard’s second quarter included:
- A 3% increase in comparable store sales
- Merchandise gross margin improvement of 70 basis points of sales
- Operating expense leverage of 70 basis points of sales
Dillard’s shares closed trading on Wednesday at $70.31. The company’s stock has traded between $38.99 and $72.46 during the past year.
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